This year, Interbrand’s annual Best Global Brands 2010 ranking of the top 100 brands was notable for showing a remarkable shift in consumers’ spending habits. Public scandals like the BP oil spill and Goldman Sachs’ mortgage securities fraud compromised consumers’ trust in brands, and as a result, consumer loyalty was at an all-time low. At the same time, the stops and starts of the recession have created savvier, more budget-conscious consumers who are just as likely to cut spending by choosing private label toothpaste, as they are to match a Zara skirt with a pair of Christian Louboutin shoes. And not only are brands more vulnerable to shoppers’ unpredictable whims, but tools like social media mean that consumers also have more control. Today’s consumers now have the ability to watch and respond to every brand’s move – positive or negative.
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About the Author
Jez Frampton is Interbrand’s Global CEO responsible for managing the firm’s worldwide interests and enhancing its strategic and creative offerings. Jez is a member of the Marketing Society, the Chartered Institute of Marketing, the Market Research Society, the Design Business Association, and the Institute of Directors. He is a frequent lecturer on the subject of branding.