The Dow is Crashing, and Inventions are Soaring!

So why are consumers buying anything at all during recessions? Market research shows that while consumers may have little ability or will to spend money on big purchases like appliances or vacations, they still reward themselves with small indulgences like fancy ice creams, chocolate, modest gifts, or personal amusement and variety products. Because financial desperation is scary, there is an atmosphere of insecurity and anxiety. Candy, and other stress-relievers, such as liquor and movies, help alleviate that anxiety, and make people feel good temporarily.

Saving money by "do-it-yourself" (DIY) methods is of course the most obvious trend in recessionary products. This includes inventions that are suitable for reuse and those that enable people to repair other products (both of which are cost-saving and environmentally green measures). It is no surprise that gardening has come back in vogue- the success of the "Topsy Turvy" hanging tomato planter and Aquaglobe automatic plant watering product are examples of this. Michelle Obama has even planted a vegetable garden at the White House- the first ever since the victory gardens of World War II. Gardening appeals to people who want to save money, but also to our survivalist, pioneering, do-it-yourself ethos. Gardening associations predict this trend to go up by 40%, while vegetable seed sales have already jumped 30%. This is also a continuation of the green environmentalist trend, and urban, small-space, container and rooftop gardening are other niche markets within that category that are open to innovation.

More Americans are concerned about future food shortages and inflationary price gauging, and are reassuring themselves through stocking up. Self-sufficiency is of the essence here, so inventors who create accessories for hunting, fishing and camping equipment could also do very well. Items that help people stow away, store, or can goods are useful. The New York Times Dining Section recently published a feature article teaching people how to can produce. For a more inventive approach to grocery shopping, the fashionable Itslastik stretchable spandex bag expands to over twice it's size, and holds up to 45 pounds flexibly in any direction, while bouncing with the step of the user, making the load feel lighter. It's perfect for anyone on the move or stocking up on goods in a time when plastic and paper bags can be a luxury. Again, as many DIY products do, the product is meant for reuse, and is therefore certifiably "green". It is also inexpensive, bright and appealing to current ‘hipster' fashion trends, and proudly made in the USA.
Where there is fear, there is a need for safety. Crime rates are already spiking in these desperate times and sales of security system and personal protection products are up. Meanwhile, the Snuggie did well because of our apparent need for a "security blanket" to comfort us in tough times. Stress relieving products (think the "Squeeze Ball") could also do very well. Sex, love and romance also relieve stress. Historically, romance has done well during recessions, as there is more social upheaval and need for security that drives people into the arms of another. That's why condom sales and ads for personal dating sites are up. The inventor could advertise on such sites, or create products related to this. The Snuggie, big enough for two, and clearly geared towards cuddling and nesting, also speaks in the language of love.

Because many consumers lack the disposable income to go vacationing or out to restaurants, they are spending more time at home, entertaining, cooking, and organizing, so that their home is more pleasant and functional. Home organization products are critical, as consumers begin to control what little they still have- the home and current possessions. Organizing and cleaning gives a sense of control in a chaotic and unstable world. The highly successful ShamWow super-absorbent, reusable cloths are intended to replace disposable paper towels for household cleaning, and are strong enough for people to use for washing their cars. Another popular nesting product doing well in the recession is The Wonder Hanger, an organization product that triples closet space by holding up to five garments on traditional hangers in a vertical cascade. Consumers during recessions are pushed to take stock of, inventory and repair what they already own, as opposed to going out and buying more stuff. As cheap credit has virtually dried up, the number of Americans driving significantly older used cars has seen a dramatic increase. These older cars often need more repair, so accessories related to auto repair and maintenance could see a huge spike in sales.

‘Trading Down' to cheaper products is a given during recessions. To obtain a new look, women replace buying a new outfit with the cheaper trick of buying a new lipstick or accessory. The "Lipstick Index", a term coined during the Great Depression, has never been so high as it is now, as women flaunt their need for visibility, and desirability by purchasing and wearing lipstick (often red). In recessions, there is a greater need to look one's best- no slouches or slackers will be tolerated in the already precarious job market, and for many, that translates into polishing up one's appearance. Clothing repair and reuse is big, while beauty offers many opportunities for inventive ‘DIY' salon replacements. For example, the REM Spring facial hair removal tool has become a big hit, as many women who normally would pay for someone to wax their unwanted hair off are now using this simple, reusable, battery-free metal spring instead. Meanwhile, acne and wrinkle reduction treatment, often expensive and out of reach for those without health insurance, has been revolutionized through the invention of at-home light therapy kits. Verilux offers the ClearWave® Soothing Skin System, a hand-held light ‘wand' that uses Natural Spectrum® light to kill acne bacteria and reduce fine lines. This new technology was simply not available several years ago, so the market for it will only grow from this point.

With accessories being paramount during recessions, Tweakerz bra clip, Bosom Button and Winkee cleavage covers have all become popular for their ability to help consumers alter clothes they already own. Tweakerz bra clip creates a ‘lift' in a woman's cleavage, reenergizing worn bra straps. Bosom Button is a gem-like pin that, among other uses, enables women to make shirts that are too low-cut more appropriate by fastening fabric together. The Winkee is a piece of fabric that attaches to bra straps and covers the gap in cleavage revealing shirts. Simply put, these products make women's wardrobes more wearable and functional. They are useful, save money and facilitate re-use.

The marketing of inventive products has never been more visible as it is during this recession (the Snuggie phenomenon is a testament to that). Major drugstores are now using these products as sales leaders, and have special, prominent spaces devoted solely to ‘as seen on TV' and/or inventive products. As traditional advertising budgets are slashed, infomercials have gained access to the more lucrative and expensive primetime advertising space on television. The more unemployed and underemployed people there are, the more people there are staying at home, watching TV, and thereby infomercials. The booming internet industry also expands the market for inventive products. Asseenontv.com gives easy access to all of these products, and is a great place to learn about what is on the market.

I have been in the invention licensing, marketing, consulting and sales business for over 15 years. This month, in the heart of the recession, my company experienced our highest sales ever. The bottom line is that unique and inventive products do very well in a poor economic climate. If history is a guide, then innovation and invention will be essential to getting us out of this recession. Inventions could not be more relevant; the time to launch yours is now.