Credit Crunch? YUM!
The Brits have found the golden lining to gray economic clouds, with the yummiest example being a new candy created for the London department store, Selfridges & Co.
While Credit Crunch candy may seem a simple indulgence to help ease the force-fed diet of economic gruel, it illustrates one smart tactic to encourage consumers back to the stores. The British Retail Consortium states that retail sales are down 2.2% for October on a same-store basis, so they need to take steps to tempt consumers back. In America, Deloitte’s 23rd Annual Holiday Survey of retail spending and trends indicates that 59% of consumers expect to spend less this season. In fact, 11% are still paying off last holiday season’s spending binge.
Stores are therefore tackling the negative mood head on by calling it out specifically. In so doing, they are seeking to tickle consumers’ usual buying motivators, by illustrating their product or service’s ability to help a consumer around the difficulties caused by the credit crunch. There is the Credit Crunch Lunch at this pub, credit crunch weddings , mobile phone ads that promise not “to crunch your credit” and fashion variations of credit crunch chic, such as credit crunch heels, thrift store fashion and the preference for little accessory indulgences like lipstick.
This attempt to invert the consumer doldrums is admirable but remains an uphill struggle. Many consumers are balking still at buying another product that they do not need with money they don’t have. Mind you, that candy does look yummy …
Written by Stuart
About the Author: Stuart isn't often heard divulging his shady history. This, unfortunately, is not one of those times.