Times, you may have heard, are tough. Banks are failing, world markets are skittish and our entire economic system is being rewired. So there’s that.
Earlier this month, Iconoculture’s Advisory Team took a look at the crisis. In addition to laying out some historical context, our Point of View brief on the topic offers high-level implications for multiple business categories and consumer demographics. Check out an abstract of the piece below, and download the brief, if you’d like:
It’s been amassing for a while, and now it’s here: the perfect — and perfectly terrifying — economic storm. What’s happened and what’s next?
What is next? We see the current crisis as deep and culture-shifting, with repercussions for years to come. Quite simply, folks will drastically cut back on spending because they will have no other choice. This decline in consumer spending will steepen and lengthen the recession, likely making it the worst global downturn since World War II.