P.T. Barnum is famously quoted as saying “there’s a sucker born every minute.” And if “love is being stupid together” as Paul Valery says then one could argue that many of the marketing efforts put forth since the invention of the television were designed to make fools fall in love with dumb products.
I’m not saying that people are stupid or that ad agencies are simplistic, but there has been an obvious shift in the mindset of the American consumer. Now that people are losing jobs, houses and spouses, they’re taking a second look at their Acura and seeing the Honda beneath. They’re wondering how much good that 13th skin cream actually did over the last few years. I think the sentiment was best captured by our former president in this brief clip:
Again, I’m not saying consumers have been stupid – but if they have been in the past, they appear to be less so today. A recent article by The Economist highlights a few points that might not come as much of a surprise.
- Marketing ploys aren’t working like they used to
- A rebound won’t necessarily mean the return to impulse buying
- The historically high savings rate is a game-changer
- There is a “Backlash Against Bling”
- Consumers don’t trust businesses or their messages any more
- Social media will become a more trusted form of communication
So if indeed it takes being knocked in the head a few times, maybe the downturn is a good thing for consumerism as a whole. We certainly had taken the whole “bling” thing past the point of shame. Maybe now we can adjust Mr. Barnum’s proclamation to reflect the times. Perhaps there’s a sucker born every other minute.
