Though the worst of the Great Recession is over, and our economy has added thousands of jobs, and people are getting back to work, everything is not back to where it was before. People went through, and may still be going through, some tough times. In some cases, people are unable to bounce back from this economic reset. Things may be changed, from here on out.
When people face that realization, what can they do?
They try to feel better about it.
Yes, the "feel-good" economy refers to the rise of revenue many industries that typically suffer in a bad economy are currently experiencing. From vacations to dance lessons to those good ol' fashioned "sin stocks" (alcohol, tobacco, and porn), all have been experiencing a pleasant bump.
How should the marketing and advertising community respond?
If advertising is a reflection of society, and society wants to escape reality and "feel good," then we will continue to see a rise in travel, sports, and leisure. Indeed, already the live events industries are looking at huge numbers and large profits. Advertising will follow suit and capitalize on this shift of thinking.
Is it a good thing? We guess time will tell.
Dwayne W. Waite Jr. is partner and principal at JDW: The Charlotte Agency, a marketing and advertising shop in Charlotte, NC. He enjoys consumer behavior, economics, and football.
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