“We’re in a recession.”
If we had a dollar for every time we’ve heard that in the last few months, we’d have so much money we’d finally be able to fly all our readers out to Vienna.
But… are we in a recession? And if so, what does that mean for marketers?
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You should know
Recessions are usually confirmed on a delayed timeframe. For example, the recession in December 2007 wasn’t confirmed until December 2008, when half the world had negative GDP growth rates.
But, a downturn is likely: 91% of CEOs are bracing for a recession, and 97% of CFOs are cutting costs.
So recession or not, companies are being cautious. The recent tech layoffs are a great example of this.
What does that mean for you?
Well, some customers might be more wary of buying. But even serious recessions only account for a few percentage points of shrinkage in economic activity—which leaves the vast majority of money still in play.
The insight?
We might be in a recession, but the vast majority of people are still making purchases.
Instead of thinking in doom-and-gloom terms, it’s more helpful to recognize that there’s plenty of opportunity out there.
Want to learn how to seize that opportunity—and adapt your marketing for a recession?