According to the Daily Intel column from New York Magazine famed futurist Faith Popcorn declared that “Brands are Dead” this past weekend at a benefit concert “Last Song of Summer” in Bridgehampton, Connecticut. She went on to predict that customers continue reject the big names in favor of Private Brands from retailers they trust.
“Take a walk down Madison Avenue from 60th to 80th Street,” she said. “All the luxury stores, like Prada, Gucci, and Hermès, are empty. What do they do for us except overcharge us?” But some will endure, she said, like the Faith Popcorn brand. “My brand is the future because it is not just a brand,” she said. “It is just about being right for 35 years.”
This is consistent with the findings in her “Culture of the Recession” Study, which indicated that 48% of consumers had made a “conscious decision to switch from a brand name product to a Private Brand product.”