"When the economy is in the midst of a bear market, brands can build stronger consumer loyalty than at any other period". This is a strategy that you've heard time and time again, but let's discuss why it makes sense!
First off, clutter. There are just fewer people spending when the economy tanks. If there are fewer advertisers, it can be more efficient to drive Share of Voice! You don't have to spend as much to meet the needs of your marketing campaign.
Also speaking of clutter, your message can break through easier when there are fewer advertisers. Of course, this can become a null point because overall we are seeing that consumers are becoming oblivious to advertising, so regardless of how much volume is out there, they just aren't paying attention.
The next best reason to spend in a down economy is that consumers tend to focus on what they know during these periods. Trust becomes a factor in deciding what to buy. You only spend money against the brands, products and services that you know work for you! If you are more concerned with every dollars, then you are more discerning with that same dollar.
Of course, there are many people that can tell you why to spend in a down economy who are better writers than I am. Check them out here:
Creating Brand Loyalty...
Have a fun time reading!