Posted by Michael, Griffin York & Krause Marketing Strategy
The World’s developed economies, hammered by the trouble and turmoil caused by the financial sector, have finally subdued to the ever-growing black cloud of a world recession. The Organization for Economic Cooperation, located in Paris, predicted the United States economy would contract next year by 0.9%, Japan’s by 0.1% and the Euro area by 0.5%. If those statistics are not proof enough, a recent report by the Commerce Department said that retail sales fell by 2.8% in October, a record amount, surpassing the old mark of 2.65% in November 2001. If history has taught advertisers anything, it is a safe bet to think that a world recession will impact advertising budgets as companies and consumers will have less money to spend than previous years. There are, however, a couple of ideas that marketers should keep in mind when trying to market success in a recession. (more…)
