Power to the people

Pretty much everyone knows that there's a financial crisis going on around the world, particularly apparent right now in the US and UK, with the fall of or major rescue plans for major financial institutions. But how is this affecting your average man on the street? From MEC research during the last couple of weeks, we have found that for those who have been dumped in the financial mire, they are really taking control of their own destiny. Not particularly burdened by embarrassment, through the knowledge they are by no means alone, people put in place their own action plans, which are often the polar opposite of their recent consumption behaviour. From spending freely on credit, to taking the scissors out; from regularly going out to bars and restaurants to only going to 'free' places, if at all; from not really knowing their own financial situation to be painfully very aware of it, down to the last penny or cent. While I have no doubt people do not take pleasure in being in this situation, they do derive some satisfaction from taking positive action and getting back in control. The fighting spirit of the human race reassuringly comes to the fore again.

Brands should take heed from this. Firstly, knowing what is on consumers' minds (and their financial situation is often all consuming right now) when they are standing at the shelf, using their products or researching a purchase. Secondly, to take control themselves - not to throw arms in the air and assume nothing can be done, but to take positive action - understand how consumers' decision making and needs have changed, and respond by sympathising and providing solutions to their problems.