Make no mistake– the United States is in the midst of an economic recession. According to a survey by the National Association for Business Economics, 74% of economists believe the slowing economy will tip into a recession. Whatsmore, a CNN Business article cites that 45 economists believe we have already slipped into a recession starting in February 2020.
The first reaction to recession can often result in both businesses and consumers to shift gears toward cost savings, but this isn’t always the best decision– especially for businesses. Not all recessions are built the same. This recession already differs significantly from the 2008 Global Financial Crisis, in that consumer sentiment hasn’t necessarily changed in a consistent pattern. Discontinuing marketing efforts to save a few dollars today, can have a significant impact on market share and revenues in the future.
So, where does that leave brands in today’s environment?
Download this research deck as our experts address the current recession and five best practices to help your brand weather the storm. Access this deck to learn about the latest research and trends around:
- Changes to consumer behaviors and attitudes during this recession
- Brand communication practices during an economic or societal crisis
- Consumer sentiment during this downturn and what their priorities are
- Proven best practices for brand success in a challenging economic environment