By Timothy Malefyt, Clinical Professor & Co-Director of Consumer Financial Well-being, Fordham University
THURSDAY OCTOBER 29, 2020
1:00 pm – 2:15 pm
This previous study of the US economic recession of 2008-2009 has relevance today for understanding changes
in consumer attitudes towards spending and consumer value creation during our recent economic downturn. The study makes evident the ways in which marketing messages shifted during the crisis from a consumption narrative that encouraged individualized brand enjoyment and personal fulfillment, to promoting messages that encouraged thrift and communal solidarity. The new narrative responds to consumers’ more thoughtful use of money on purchases that matter more to people. Overall, this paper examines shifts in the cultural flows of consumption practices and how value narratives are reshaped by economic realities.