Fashion and fads in the recession.
There are some things that are recession proof such as food – we’ve all got to eat, of course. But for the majority of industries and businesses, the recession will have some adverse effects (some more than others). Right at the sharp end of these effects, however, are things that are subject to fashion, fads and crazes. In a recession, this year’s model is likely to fast become fodder for the scrap heap as quickly as you can say, “Quantitive Easing”.
Think of all the momentum built up behind eco–friendly and ethically sourced products; whilst we all still share the ideals that made this 2008’s hot topic, it’s rather slipped down the pecking order of our concerns as more immediate financial concerns and more pressing. And what about organic food – are huge growth area and a retail star in recent years? According to recent data, sales have taken a battering.
Imagine, then, how real fashion or fad items have fared now consumers are tightening their belts; fashion accessories, high tech gadgets, etc.
Sales promotion, too, has been hit hard. What holds up in recessionary times in sales promotion (as well as other markets) is tried and tested products, especially those with a classic style and high perceived value. Not only does it say; safe, it also feeds the desire and for a little bit luxury (much needed in hard times).
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