Do you believe we’ll go back to normal or will we experience a fundamental shift in the way we live our lives? This is the one question that everyone’s asking since the launch of our study – Grounding the American Dream: A Cultural Study on the Future of Consumerism in a Changing Economy.
As consumer anthropologists, we believe we’re going to see a fundamental cultural change. As a society we’re already set to make changes at institutional levels in banking and finance. And as consumers we’re seeing changes in spending mindsets that will influence purchasing behavior and the way we lead our day to day lives. What we are going through right now is an enculturation process -- we’re slowly creating and learning new rules, behaviors, norms and values on our way to becoming more Grounded Consumers.
As outlined in our report, we see 5 stages to becoming a Grounded Consumer and we’re seeing these stages spoken to in the marketplace through advertising. Here’s just a sampling of these new communications.
Allstate launched a campaign that speaks to Stage 1: Goodbye Homo-economicus. In this stage of the Grounded Consumer, there is plenty of confusion and questioning among consumers and an overall lack of trust. The core implication for business is to build trust and repair relationships with consumers. Allstate focuses on their legacy, with the message that you can trust them because they have been through this before and remained a strong company. Their message works because it is an insurance business and not directly in the consumer’s path of discontent. But legacy won’t resonate in this stage for financial institutions, these businesses need to show what they are doing to adapt. Nostalgia’s also weaved into Allstate’s legacy message but they do not over-romanticized the notion of the American way of life. Rather, they depict the reality of what we’re going through, thereby reinforcing trust. |
In their commercial on the economy, Charles Schwab clearly embraces Stage 2: How Did I Get Here? My Life is not a Loan!. In this stage consumers re-examine what living within their means entails and look for tools to help them “do something about it”. The core business implications for this stage have to do with building relationships with consumers. Charles Schwab sends the message that they understand what you are going through and that they are here to help and can be your ally in your goal to live within your means. |
Target’s current campaign touches on all the critical components of Stage 4: unSTUFFing My Life. In this stage, consumers make mental calculations of “worth” regarding products and services and begin to value experience over consumption. In their definition of worth, consumers in this stage look for products and services that deliver on a balanced equation of rational, emotional and social needs. The core implication for business in this stage is to recognize this equation and give consumers the opportunity to experience your products and services in a new light. Target delivers on this message by showing the benefits of their products across the rational, emotional and social equation, while also portraying the larger message that it is a “new day” and you can make adjustments that enrich your life. |
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