Messaging during Recessions: 3 Opportunities for Marketers
Regardless of whether the US is technically in a recession already or not, the majority of Americans have been under increasing economic pressure for a while already due to the highest inflation in 40 years, which is dramatically eroding their purchasing power. Despite the fact that many of the forces driving inflation are well outside of the Federal Reserve’s sphere of influence—the pandemic, the national housing shortage, Russia’s war against Ukraine, snarled global supply chains, etc.—the Fed is committed to additional steep rate hikes. Higher interest rates on mortgages, credit cards, and other loans will reduce economic activity, almost guaranteeing a recession by the end of next year.
In the meantime, marketers need to make the best of the current circumstances by tuning into consumers’ economic anxieties and concerns. Here are three strategies to consider…
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