PR marketing changing consumer spendingPR and marketing writers may need to adjust to new consumer values. As views about money and spending change, promoting consumerism in PR and marketing materials may not always be the best route.

More people believe the economic good times have passed and expect to live in world with less financial security, according to new report from Havas Worldwide, Money, Money, Money: Attitudes toward Credit, Consumption, and Cryptocurrency. As a result, people are less enamored with money and material consumption, the research reveals.

People still value money but desire it for the freedom and security it brings rather than for unneeded possessions. People, especially millennials, value superfluous possessions less and instead prefer memorable experiences.

Those experiences cost money. “Purchasing the must-have accoutrements for a Diner en Blanc pop-up picnic and dipping one’s toes in Iceland’s Blue Lagoon don’t come cheap,” the report states.

Major Findings

Major findings include:

Money is not everything. Just four in 10 people worldwide say money gives meaning to their lives, while five in 10 say they would actually be happier if they consumed less. Seventy-one percent of respondents say life would in fact be better with more money; yet 81 percent say that people obsessed with money are missing out on the true meaning of life. Seventy-three percent say they admire people who are rich but still live simply.

People are cautious about debt: Nearly seven out of 10 respondents say their lives would be better if they had less debt. The primary reasons people are willing to incur debt are buying a home (50%), paying for children’s education (40%), investing in one’s own business (31%), and buying a car (27%).

Questions persist about the rewards of capitalism: Just 40% of respondents believe that the harder a person works, the more they will earn—a contradiction of a key belief on which capitalist societies are built. Fifty percent of respondents say it frustrates them to have to work so many hours to support themselves.

Implications for Brands

Those changing consumer lifestyles and purchasing habits pose implications for brands. “First and foremost, it’s essential to offer services that match the way people live now—not decades ago,” Havas states.

Brands may wish to address the needs and desires of low-wage earners. In the U.S., a number of “pay what you can afford” restaurants have opened in recent years, including the EAT Café in Philadelphia and rock star Jon Bon Jovi’s JBJ Soul in New Jersey.

It’s also more important to communicate the lasting value of a product or service. Consumers want to know why a product is worthwhile and meaningful. And if it’s a big-ticket item, why is it worth going into debt to obtain it?

“There is no doubt that globalization and rapid advances in technology have contributed to the unfair distribution of wealth, which is at the heart of many of these issues. But companies can be as much a part of the solution as the problem. They must rewrite the contract between themselves and society, shifting their focus from creating value for shareholders, to creating value for the world at large,” said Dan Goldstein, chief strategy officer, Havas New York, in the press release.

Bottom Line: New beliefs about money and how to spend it – or not spend it – impact PR and marketing practices. As consumers show less interest in accumulated material possessions without good reasons, PR and marketing will need to explain the long-term value of products and services in order to effectively promote their brands.