something about consumerism

Just read an article, extracted from Adnews (Australia) 31 October 2008 edition, about consumerism and how people's buying habits have changed - instead of "stuff" they want "meaning". Fast-forwardly, the article by Andrea Sophocleous argue that an ongoing consumer trend is less about buying things to make you look good and more about buying things to make you feel good. Off the article, but interrelated, Peter Biggs, Managing Director of Clemenger BBDO in Melbourne, was asked the question What does the changing consumer mood mean for advertising agencies?

Naturally, the economic downturn will bring changes to consumer spending habits - people will certainly be spending less money overall. But they will keep spending and spending differently.
This will not mean the death of the advertising industry. If your agency is about building brands that represent longevity, trust and transparency, you will survive - perhaps even thrive - during this time. Consumers will be looking to buy brands that make them feel good and reassure them that they've made the right choice in parting with their cash. Provenance and the corporate ethics behind the brand will also be important factors in purchasing decisions.
How we let consumer know about about these foundation brands is also important. Although it's been a general trend for a number of years now, I think the move from traditional advertising to more engagement and two-way conversation with consumers will be they key to making people feel more comfortable about buying.
Above all, brands can no longer "tell" or "claim" things. They must "do". If, in these times, your brand does not own a positive verb, it is in serious trouble.

On the same track, yet from the client side, is Australian Honda's Marketing Director, John Pragner:

...For brands and marketers it's about how we can help add value to society (reflecting on environmental responsibility and economic issues) - as well as the more traditional benefits for the individual consumer. And it's about foreseeing the next twist in the game. There is no room on the bandwagon - and it's heading in the wrong direction.


Terrifyingly interesting.