What we think
Sir Martin Sorrell
The recovery of 2010 did not turn out quite the way we expected. Rather than
‘L-U-V’-shaped, the world economy was more ‘L-V-V’- or ‘LuVVy’-shaped. The expression LUV was originally coined to describe the way the world’s regional economies would pull out of recession, but it served equally as a reminder of where we were going.
Let’s invent a market: an established, low-tech, low-cost, repeat-purchase market. Let’s call it the greeby market. Greebies are used in over 80% of households and are bought, on average, every three weeks. There are five competing national greeby brands, with market shares ranging from 36% to 9%. Most big retailers have their own-brand greebies. By volume, the total greeby market has been almost static for the last 10 years.