PALM SPRINGS, Calif.— Experts are divided on whether or not another recession is coming. The Great Recession of 2008 made life difficult for the marketing world, leading some to already make preparations to weather another crisis, while people in other industries don’t feel as concerned about a possible financial downturn.
As brand managers look for inspiration at Adweek’s Brandweek summit, a handful of marketers shared their predictions at the kickoff of our annual event.
Nancy Pekala, associate director of content, Grant Thornton
Everyone’s concerned a little bit about how deep the recession might be, but I think from our company’s standpoint, what we’re seeing is clients will be innovating their way through the recession. We think they’ll be trying to grow through digital transformation.
Shad Shelby, marketing and brand manager, Sage Veterinary Centers
People love their animals like their family—98% of our revenue comes from private pay or out of pocket, so they’ll spend money on their pets like they will on their kids. … Pets are recession-proof.
David Simmons, vice president of brand, industry and influencer engagement, Concentrix
Companies are always looking for the most efficient way to manage their business, so it could present an opportunity for us. It’s cyclical. Companies learn to adapt.
Michelle Wald, U.S. manager, Tony’s Chocolonely
I think chocolate is a total impulse buy. It’s something when they see it, it’s going to solve a good day or bad day. It’s kind of one of things that’s a treat and accessible enough from a price point so not to be something to opt out of.
Michael Mancinelli, co-founder and CEO, Jadeo
We hope it doesn’t happen, but we’re watching it. If a recession comes, in general, consumers no longer consume. It’s going to upset a lot of people.