Smart Consumption - a new generation of savers

Is your cart empty? Not if your an American.

Americans don't know how to spend or maybe they know too well; and it's about time for our behavior to change. Here's the problem, we're tempted to spend every chance we get which has resulted in a large portion of us living from pay check to pay check. We are a nation of instant gratification because it's tough to delay what we can have now. The good thing is we've realized it. We're going through the process of figuring out how we can ween ourselves off our addiction to buying. For the purposes of qualifying this I've broken purchasing behaviors into four categories:

1. Impulsive consumption - I got this b/c it was a good deal, or it would make for a hilarious gift for someone.
2. Excessive consumption - I bought a third pair of sunglasses to match my back up purse.
3. Consumption for perceived happiness - This flatscreen is going to be so much more aesthetically pleasing in my living room, plus I watch so much TV this is actually a great investment.
4. Shopping as a hobby - My mom is coming to visit. We'll spend Saturday shopping and then hit the Moma or see a movie on Sunday if we're not making returns.

Ironically, I think this is a great idea for a brand campaign. In fact it's a plan that might even catch the attention of Elizabeth Anne Moore. Why? Because it aims to fundamentally change the way we sell and purchase goods. If the paradox of temptation tells us we shouldn't simply eliminate behavior with undesired results then we should take an approach that embraces what we'd like to change. Businesses are branding themselves as good for the environment, well what if they brand themselves as good for the long term economy.

The premise could be the root of a campaign for a tourism board or luxury good; "We're in a recession dummy, we're gonna be here for a while, you probably shouldn't be booking a trip to Austrailia right now..." More importantly the campaign would focus on smart shopping. Explaining how or if the product falls in line with an established budget, even encouraging the creation of one. Maybe they even facilitate the use of a phone application that enables consumers to prioritize purchases based on need and the consumers finances. This approach has the ability for a brand to transcend normal perceptions: "We're a brand that seeks to make your life better, whether it helps our bottom line or not." Ultimately we have to correct our habit of over-spending and under-saving and it seems advantageous if brands can align themselves with this philosophy.

Do you have a budget? If you do email it to me. I'd love to see what people think is a budget and how they think they should consume (and save.)