Marketing in the COVID-19 recession
This article is part of a series of articles from the WARC Guide to Marketing in the COVID-19 recession. Read more.
Spending practices
During every downturn, the narrative about consumers turns to trading down. Intuitively, it makes sense that when wallets are thinner, price matters more. Hence, this gut instinct about economizing tends to dominate business planning during slowdowns. Yet every downturn sees brands and retailers that move in the opposite direction. So while this intuition about consumers is not wrong, it is not entirely correct either.
Trading down is the straightforward idea...