|Consumer Spending Up In Health/Beauty Vertical|
|Tuesday, 24 February 2009|
By: Erik Hauser
In the last few columns I've addressed the notion that smart brands are sticking to their marketing game plans while slightly adjusting their marketing spends. I feel that this notion is true for almost every sector except for one.
There is actually one sector that should not be decreasing their marketing dollars but greatly increasing their marketing efforts. In this particular case it's a matter of striking while the iron is hot.
I'm assuming at this point that you, as the reader, have a blank stare on your face and can't wait to see what in the world I could possibly be referencing.
While this economy surely is one huge, ugly beast, all the key data points show that people are actually increasing their spending in the health/beauty vertical.
Simply put, while consumer discretionary spending has been in a downward trend almost everywhere – it's been up significantly in the health and beauty arena.
Is it a surprise? Should it be a surprise? While our country slowly moves through this period, this opportunity is the one large bright spot for retailers. People want to feel great about themselves no matter how far their 401k has fallen off a cliff, or if they've lost a job.
People want to feel confident. People want to look good. If you think about it, it's a very natural response to control one thing while the things that they can't control in their immediate environment are a bit chaotic.
So, beauty/health companies really need to get out in front of the consumers to show them that their brand is the one that will make them feel confident about themselves so that they can walk unafraid from one day to the next.
And think about it – don’t you want to feel good regardless of all the doom and gloom? Exactly!
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