Many people in the industry say that they could be a potential recession and it has a lot of agencies, advertisers and practically everyone in the industry and beyond worried. At this year’s Adweek’s Brandweek summit, Adweek asked some marketers what they thought about the potential recession. These marketers shared their thoughts and predictions about the potential recession. Here is what they had to say:
5 Marketers Across Industries Share Thoughts on a Potential Recession
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.