business news in context, analysis with attitude

AdWeek reports on a new study by Starcom and Nickelodeon suggesting that “72 percent of those polled said they agreed with the statement, ‘It's no longer important to keep up with the Joneses,’ while 48 percent said that as a result of cutbacks in the family budget ‘we have redefined what's truly meaningful in our lives.’

“Over 60 percent of those polled said they were buying more store brands than previously, while 73 percent said they had started using coupons more. Almost half (46 percent) said they would take a ‘staycation’ and spend time at home as opposed to traveling.”

The study’s conclusion: “Frugality is cool, or the new black.”
KC's View:
I thought green was the new black. I’m soooo confused…

Seriously, though, while I believe that this is how people feel today, I remain unconvinced that this is necessarily a permanent attitudinal shift that will pervade how people think and feel in all circumstances. I just don't think it is that simple. When they can, people will spend money on indulgences…for example, large flat screen TV sales are up, probably because people want a better TV/movie viewing experience while on their “staycations.”

There are no absolutes – ever - and marketers who believe there are run the risk of making a big mistake.