While each economic crisis is different, lessons from past recessions may help us navigate the current downturn. Contributing editor Anna Robaton spoke with thought leaders from different corners of the industry. Our series continues with ...

Richardson says:

Things are never as bad (or good) as you think they are

Past experience has taught me that you shouldn’t overdo it when things are good, and you shouldn’t go to pieces when things are bad. Things are never as good or bad as you think they are. That said, a good market covers up a lot of mistakes and a bad market exaggerates them. It’s human nature to think that the way things are today is the way they’ll always be. You think things are going to be horrible, or great, forever, but things never stay the same. For better or worse, conditions always change.

Don’t forget demographics

At my company, we’re thinking about how this episode will alter the mindset and behavior of the consumer. But it’s also important to keep in mind that demographics play a big role in terms of shifting consumer preferences. The rise of Generation Z, for instance, will become more important over the next several years. That said, this crisis may accelerate certain trends. Consumers have become more comfortable shopping for staples like groceries online, and we may see that trend continue in the U.S. In certain non-U.S. markets, such as England, online grocery sales already account for a sizable portion of overall food sales.

Check out the rest of our Recession lessons series

Part 1: Daniel Hurwitz
Part 2: Norman Kranzdorf
Part 4: Yaromir Steiner
Part 5: Dana Telsey
Part 6: David Zoba