Until this week, the entire credit crunch situation had been going over my head. I don’t have a mortgage, I don’t own a house, I don’t have kids, my purchases…aside from food and petrol are generally luxuries.
In my first week back in PR after a month long vacation, the bleak landscape that lay ahead in 2009 for consumer brands was put into perspective. The glitz and glamour of 2008 are gone. No more celebrity endorsed launch parties, no more £300 media lunches, no more sexy PR.
About six months ago, I remember reading an article on Brand Republic, stating how the “Credit crunch may be good for PR”, the story highlights some CIPR statistics concluding that there won’t be mass lay-offs. However, the prudent budget-axing by clients is just leaving the consumer PR landscape feeling really unglamorous.
The economic downturn itself will probably continue to remain so topical that journalist inboxes will be full of “credit crunch”-spun press releases for months to come. So story hijacking and ink-driving on a budget it is then.