Recession marketing – learning from lessons of the past
What should marketers be doing as forecasters predict a recession. Craig Somerville charts the best course of action.
As we enter the back half of 2022, we’re in a peculiar scenario where nearly every economic institution and forecaster is predicting a recession. The combination of supply chain snarls, pandemic hangovers, war and post-lockdown behaviour change has seen inflation at record levels. Central banks are pumping the brakes, and we’re most likely looking at a period of recession as a result.
This all comes less than two years after the last recession for most of the world’s economies, the one induced in the first half of 2020 by the Covid-19 pandemic that preceded the current demand-fuelled surge we are seeing slow now.
So what should marketers be doing?
It’s a question brands are asking as they look to prepare themselves to not just survive a recession, but thrive on the other side.
