Cultural Relevance Less Effective When Money Is Tight

Charlotte Mair argues that in times of economic hardship, brands should de-prioritize chasing ephemeral cultural moments and instead focus on understanding the economic realities shaping consumer behavior. She points to a decline in real household disposable income in the UK and a global economic slowdown, citing World Bank warnings of a possible 'lost decade' for developing economies. Mair notes that the luxury market lost about 50 million customers between 2022 and 2024 due to economic constraints, despite a previous boom in aspirational shopping. She suggests brands should earn relevance by creating trends rather than following them, and by appealing to more price-sensitive consumers. The article uses examples like Shein, Uniqlo, and the Kardashians to illustrate different approaches to maintaining relevance in a cost-conscious environment.