Welcome to the winter of our discontent.
We are poorer . . . have record pessimism and fear . . . yet are hopeful that the new breeze will invigorate us. This is what the latest research on consumer attitudes and expectations tells us. For all of us, these economic times mean a first-time trip DOWN Maslow’s Hierarchy of needs. For the last 60 years, developed country citizens have been travelling UP the pyramid. We have spent our time and money embracing social and spiritual values, distancing ourselves from the more primal needs.
Two recent data points illustrating the downshift: Gun sales have soared by 60% since the November election. More than half of America’s opera companies have cut or eliminated their season schedules since October.
Ironically, Abraham Maslow first created his Theory of Human Motivation in 1943. While it was characterized by global war, it was also a time of economic renewal. Americans were emerging from the Great Depression, and were able to look at meeting more than their basic needs for safety and survival. Once the war was won, people could turn toward expanding their personal and social horizons.
The technology and innovation brought to fruition from this explosion of human potential have defined our world and have created the American economic miracle. Do we REALLY think the last 60 years of growth are coming to an end? That somehow, we have peaked and the road only leads downward? We do not think so. Innovation is alive and well.
Consumers want the comfort of hope. They want to embrace the new, if it can be made affordable and understandable to them. As marketers, we need to use this time of turmoil to look beyond the derivative re-spin of old products . . . to true innovations that meet peoples’ needs up and down Maslow’s Hierarchy.
Have a very happy new year and prosperous 2009!
We are poorer . . . have record pessimism and fear . . . yet are hopeful that the new breeze will invigorate us. This is what the latest research on consumer attitudes and expectations tells us. For all of us, these economic times mean a first-time trip DOWN Maslow’s Hierarchy of needs. For the last 60 years, developed country citizens have been travelling UP the pyramid. We have spent our time and money embracing social and spiritual values, distancing ourselves from the more primal needs.
Two recent data points illustrating the downshift: Gun sales have soared by 60% since the November election. More than half of America’s opera companies have cut or eliminated their season schedules since October.
MASLOW’S HIERARCHY OF NEEDS
Ironically, Abraham Maslow first created his Theory of Human Motivation in 1943. While it was characterized by global war, it was also a time of economic renewal. Americans were emerging from the Great Depression, and were able to look at meeting more than their basic needs for safety and survival. Once the war was won, people could turn toward expanding their personal and social horizons.
The technology and innovation brought to fruition from this explosion of human potential have defined our world and have created the American economic miracle. Do we REALLY think the last 60 years of growth are coming to an end? That somehow, we have peaked and the road only leads downward? We do not think so. Innovation is alive and well.
Consumers want the comfort of hope. They want to embrace the new, if it can be made affordable and understandable to them. As marketers, we need to use this time of turmoil to look beyond the derivative re-spin of old products . . . to true innovations that meet peoples’ needs up and down Maslow’s Hierarchy.
Have a very happy new year and prosperous 2009!
This comment has been removed by the author.
ReplyDeleteHey Marshall,
ReplyDeleteWell written. Your mom would be proud.
Take a look at http://newendcap.blogspot.com. We also use blogger, but it doesn't look like blogger.
-Dash
Hi Marshall:
ReplyDeleteI good post. I have a few comments.
1. Gun sales are soaring because many folks I talk to are fearful the Obama admin will make it much harder to own weapons and/or restrict certain models. It is interesting how many of my technical team are into firearms and owning/working on fast cars. It seems to be part of their psychographic.
2. I have both a positive and fearful outlook for 2009. We have many positve things on our horizon, but the uncertainty and weakness in sales in the second half of December counteracts my bullishness. A conundrum for sure....
Oli Thordarson
Marshall,
ReplyDeleteI don't subscribe to the notion that we are as bad-off as the cable news grinder says.
Yes, there are definitely segments that are hurting right now. But then, I know of a few that are having record times as well. I think at the end of the day, we need to be very critical of the "conventional wisdom" out there, and buck the trend more often.
I know that you're an expert at identifying trends, but I think that sometimes these trends are over-done in the media because of an agenda.
Which brings me to my point: "Buck-up, people!" Everyone hears that this is the "worst time since the Great Depression"... blah, blah, blah. You know what? If you believe that and keep hearing it on the news enough... you're gonna start believing it and it will be self-realized!
If many of our anscestors who lived through the Great Depression could see us now... they'd say the same thing. Better yet, they'd say stuff like, "Why do you eat so much?" or "Credit card? Why do you need one of those?" or "How much are you saving each month?" or "Turn down the heat and put on some warm clothes!" I know that many think these things are cliche or sterotypical... but hey, our ancestors always seemed to live within their means.... and didn't act so entitled as we've become. Frankly, these economic times are probably the best kind of "reset button" that we could've ever asked for without an apocolyptic outcome.
What does Warren Buffet say? "When people aren't fearful, I get scared. And when people get scared, I'm not fearful."
That advice probably transcends more stuff in our lives than just investing!
Peace to you and your loved ones in 2009!
Kevin Perkins