Kevin Jordan-Deen, SVP at Colgate-Palmolive, inspired me final week to re-imagine and re-create a “Share of Pockets” cartoon I initially drew in 2009 in the course of the “Nice Recession”.
Once I drew the unique cartoon, I used to be GM for the just lately launched Methodology model within the UK. A lot of the recessionary advertising local weather on the time was centered on belt-tightening, personal label and deep promotions, significantly within the House and Private Care classes the place I labored.
And but, regardless of the worth focus all over the place, everybody appeared to seek out the finances to splurge on a brand new iPhone. That juxtaposition was the authentic punch line of the cartoon in 2009.
Kevin (coincidentally now additionally working in House and Private Care) notes an identical local weather at present, with loads of thrifty procuring behaviors on show. However as an alternative of the iPhone, shoppers have been splurging on Beyoncé, Taylor Swift, “Barbenheimer”, and different experiences.
Final week, James Knightley, chief economist at ING, particularly known as out Taylor Swift, Beyoncé, and “Barbenheimer” for serving to US GDP develop 4% final quarter.
In total shopper spending, Beyoncé’s “Renaissance Tour” generated $5.4 billion, Swift’s “The Eras Tour” $4.6 billion, and “Barbie” and “Oppenheimer” $3.1 billion. And these are simply the largest headline occasions to symbolize rising shopper spending on experiences, together with all the pieces from NFL video games to Disney theme-park visits.
Analysts have dubbed this phenomenon “Funflation.” Common ticket costs for stay leisure have climbed 19% since 2019.
Finest Purchase CEO Corie Barry even name-checked each “Funflation” and “Taylor Swift” this week as a purpose for the retailer’s gross sales droop.
As she put it:
“Funflation, Taylor Swift … these experiences are actually the place persons are prepared to pay. Greater ticket gadgets in electronics aren’t proper now the place persons are .”
Listed here are a couple of associated cartoons I’ve drawn through the years:
“If advertising stored a diary, this might be it.”
– Ann Handley, Chief Content material Officer of MarketingProfs
