New Approach to Consumption Likely, Expert Predicts

Like the young who came of age during the Great Depression, today’s young people may be deeply imprinted by the experience of the economic collapse. This formative memory is likely to foster more careful spending and saving in years to come — as it did for the Depression generation.

These words were recently written by Barbara Dafoe Whitehead, who directs the John Templeton Center for Thrift and Generosity at the Institute for American Values and is the co-editor of the forthcoming book, “Franklin’s Thrift: The Lost History of An American Virtue.” (read more here)

Ms. Dafoe is a believer that this wild economic times are likely to produce an America much different than the one we saw in recent years... a nation of stuff collectors.

This isn't to say that Americans won't spend in coming months and years, it's just that our collective values are likely to focus less on material things as they had in the past. Therefore it's imperative that companies focus on a larger view of value to embrace this new consumer outlook.

For instance, look at Timberland. They've had their challenges in recent years, but the company seems to be finding a much more natural place for itself with its recommitment to the environment and social responsibility.  And in the process, they are slowly and surely building a lasting, loyal customer base that shares these common values. In the end, it may not be the wild ride that was Timberland's climb to hip-hop fame, but it will be sustainable (no pun intended) because its authentic to who they really are.

This is the sort of brand soul searching needed today.  And it all doesn't have to be green.  Tomorrow we'll look at a company making similar commitments, but not necessarily environmental.