Six months ago, crystal ball gazers were insisting that we’d never see oil below $75 a barrel again. China, they reasoned, was soaking up crude at such an astronomical rate there just wasn’t enough oil in the ground to satiate that country’s appetite. At press time, a barrel of oil was trading at just $62.30.
Nearly nine years ago, IT folks were proclaiming that the world would come to a halt as computers around the world would be unable to wrap their gigabytes around the concept of a year 2000. But when the clock struck midnight, the world kept chugging right along without missing a beat.
For the past couple of months now, naysayers have been insisting that the world economy is set to plunge into the deepest free fall since the Great Depression. Adding fuel to the fire, marketers such as Estée Lauder are scaling back earning projections for the new year due to “extraordinary uncertainty” surrounding the global business landscape. Consumer sentiment is already at an all-time low and seems to be heading lower. Fact is, though, nothing—aside from the overblown media coverage—is really all that extraordinary anymore. It’s all just part of a boom-and-bust cycle that seems to grow shorter as national economies meld into a single global market.
That’s why it’s more critical than ever to stay ahead of the curve and the competition. Smart consumer product company executives would do well to ignore short-term headlines and remain focused on creating meaningful products that can stand out regardless of what financial forecasters are predicting on any given week, day or hour. It’s a safe bet that when prognosticators insist that things will never get better, economies around the world are already growing again.
Every business day, Happi.com brings you the latest new ingredients and packaging materials to help companies create the products that consumers want and need. Rather than batten down the hatches and prepare for a maelstrom of bad economic news, astute formulators would do well to keep their eyes on innovation and let the markets grind their way through this latest bump in the road.
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