Have you heard of the revenge spending trend off the back of Covid? Here’s how your brand can capitalise.
Branding Before Breakfast Ep 112 Transcript\ Brand experiences and why they really matter right now
Today, I wanted to talk to you about brand experiences and how we can be really capitalising on what’s happening in the market right now. Specifically, the trend for 2022 that was named by McRindle as revenge spending.
Now, this is all about the fact that we’ve all been under lockdown conditions, and now we have these savings that we’ve accrued throughout COVID and we want to ensure that we spend wonderful time with friends and family and really start to create lavish experiences with them. And your brands can be poised to ensure that you take up that opportunity.
We have to think about the fact that at current market reports, the unemployment rate is the lowest it’s ever been since 1974. And the underemployment rate is continuing to drop as well. So these are really good signs.
Now, of course, we do know that inflationary pressures are on their way, and people will start to think about trying to cap that spending. But right now, the emotional pull for the revenge spending is really important.
So today, I would like you to have think about how your brand can really involve itself in these experiences that your most desired consumers might want to create in their lives, might want to create for family and friends. How can you tap into that very real need of creating lavish experiences with friends and family and show them that your brand should be front and center of that. Okay?
That’s it from me. It’s time for Brekkie.