By Robert Wheatley

Conspicuous consumption gives way to living within means

There was an earlier time Baby Boomers will remember when consumption was governed by means — and means was directly related to real-time buying power of salaries and savings. Purchases, especially major ones, were planned within family budgets. Authentic efforts were made to take care of possessions because life’s ambitions and pleasures were not nearly as disposable. It was a culture of responsibility and measured sensibility.

Credit was available but not like we know it today. I don’t think it’s a stretch to say that these behaviors are just as American, just as ingrained in our collective DNA in some respects as the desire to buy and consume. So the return to an updated version of these views is not a complete surprise.

The economic collapse has helped rekindle attitudes that reflect values a generation or so behind us. We see evidence that consumers are spending more time with friends and family and less time in malls. Moms, the true engine that drives the economic growth in the US, are reaping emotional benefits from NOT spending. And simple indulgences are replacing the luxury purchases pursued and accomplished through easy credit not that long ago.

Less about stuff and more about what’s real

The financial storm clouds lurking above shoppers are not without foundation. These conditions are reinforced daily with headlines of impending bankruptcies and layoffs, so the fear that intercedes is palpable. The outcome: people pull back, go inside if you will to embrace an environment they feel more in control of.

So how should brands respond and adapt in these conditions to build relevance, value and engagement? Perhaps now is the moment to consider the resurgence of ideals around family, tradition, heritage and trustworthiness. Kyla Lange Hart of Toniq LLC has an excellent article at MediaPost based on this value reappraisal that summarizes some advice to brands about how to build authentic connections with consumers.

According to Hart, what matters today includes:

Truth and transparency

Virtue-based attributes

Ethically minded behaviors

Solid foundations, legacy and traditions

Good value – does not mean cheap!!

Community involvement and support