The word recession is a scary one, particularly for businesses.
After all, when the economy gets tough, consumers tend to spend less. According to the NielsenIQ Consumer Outlook 2022 midyear report, 42% plan to reduce out-of-home spending. Another 81% report changing the way they shop to manage expenses (up from 33% in December 2021).
Clearly, brands need to respond. But decisions and responses based on fear are rarely good ones. Fear is often what causes companies to cut back on marketing budgets and activities. They may assume that marketing to consumers who intend to buy less is a waste of money.
