All those who have been saying the R word for the past few months finally got their Told-You-So moment Monday when it was announced the U.S. economy has been in a recession since December of 2007. The National Bureau of Economic Research (the non-profit research group known for determining the start and end dates of recessions), made its assessment based on evidence that the Gross Domestic Product has declined for two consecutive quarters, and may be set to last well through the end of 2009.
Not to scare anyone, but it’s going to be a bumpy ride. According to AP, the consensus among economists is that it will be the “most severe slump since the 1981-82 recession.”
For the marketing and advertising world, we’ll be publishing regularly on how companies and agencies can use emerging media to get the most bang for their buck in a difficult spending environment. We at the Lab believe the economic downturn could provide the perfect opportunity for brands to get creative about their media buys. So stay tuned and send us your thoughts on how agencies and brands can use new media to survive difficult times.