Marketing in the era of the "recessionalsâ

For the first time in modern history we have a whole generation who may not prove to be wealthier than the one that preceded it.

As the early Millenials mature and come to the fore of the population we find ourselves with a whole consumer segment who have never known professional life outside of the recession – our “recessionals”

In his 2001 book, The Soul of the New Consumer, David Lewis identified that consumers had three scarcities, namely time, attention and trust. Thirteen years later all three are still as prevalent but we can add one more to the new group of recessionals – optimism.

Whilst the recessionals are twice as likely to have a degree as the previous generation, they are poorer with like for like incomes 4% down and they are more likely to be living at their parental home into their early thirties. Whilst previous generations have found themselves on the cusp of adulthood filled with hope and opportunity, the new consumer are more likely to be filled with financial melancholy, they look at the houses their parents live in and say “I could work for 100 years and never afford this place”.

The result is that recessionals are ever more curious about new ways to attain and use products and services. The rapid growth in the “sharing economy” typified by AirB&B, a new way to let and rent rooms, ZipCar the affordable way to access a vehicle only when needed, highlights how the new consumer is open to new propositions not simply adhering to the established norms of the previous generation.

This audience is already bucking trends in communication, consideration and consumption. From customer service via twitter, to “showrooming” – the trend of standing in front of a physical product whilst using a smart phone or tablet to see if they can get it cheaper or a better product elsewhere, the recessionals are comfortable blurring the line between physical and digital relationships to optimise their experience.

As marketers, now more than ever, it is important to stimulate and nurture the curiosity of this new segment. Without creating sparks of interest, a desire to find out more, it becomes harder and harder to engage a consumer whose lack of optimism can act as the biggest filter of brand messages