After a turbulent time, Millward Brown can see a change in how people shop. This is parts of the report "Post-recession Marketing: Addressing a New, More Mindful Consumer""Many people stopped finding joy in excessive consumption and heedless spending, and a new trend, which I call "mindful consumption," emerged. Mindful consumption is demonstrated by consumers buying fewer products and fewer brands, and being more considered in their choices.
I expect mindful consumption to eventually affect all global markets — even the emerging ones — because it represents more than just a response to the present crisis. It is a response to the idea that happiness can be purchased. As mindful consumers, people are increasingly challenging this assumption.
"People are relying less on brands for gratification or status and are now factoring other values into their choices. These include their own moral principles, their loyalties to their local communities, and their sense of responsibility for the environment.
Today brands need to position themselves against consumer needs as well as against competitive brands."
Are Millward Brown right? I agree on the importance of brands meeting deep needs - especially emotional - in the market. But I think that the need of happiness is such a need and that is why we have been consuming like mad the last decades, and will keep on doing so. I believe people were holding back a bit while losing jobs and money, but that this is no evidence for the development MB are claiming is happening. People are still depressed and confused, and they still see things as short term relief and symbols for values. Nothing has replaced that, which means it´s still there. The only difference was that we during recesion couldn´t afford retail therapy. MB might be on to something, but hardly in this report.What do you think?
