Credit crunch bites

Ever since the Credit Crunch took hold and grew into one of the biggest financial crises of our time, there have been a succession of journalists taking the shuttle to Aberdeen to present stories about the city that ‘escaped the crunch’.

The first was a Scottish tabloid who headed to Aberdeen during the summer to write about the booming economy.

They wanted stories of people walking into car dealerships, pockets bulging with wads of notes and buying expensive cars as before.



The fact that one lucky Aberdonian took delivery of a Bugatti Veyron (around £850,000 to you) about the time added credence to the argument that money was no object in the energy city.

Bugatti Veyron
Only one Bugatti Veyron in Aberdeen. Why so few?

At that time we were still hoping that the crunch would not develop into a recession, let alone a global financial crisis.

I remember recalling our thoughts in the 1980s when the rallying cry was ‘don’t talk ourselves into a recession’. Well, I don’t know if it was a case of “talking” ourselves into a recession, but a recession it looks certain to be.

Most interested spectators should have expected a day of reckoning at the end of a period where loans were being handed out willy nilly and racking up thousands of pounds of debt on your credit card seemed to be the norm. That sort of behaviour is simply not sustainable.

So, the reality is that Aberdeen is probably a bit sheltered from the full icy blast of recession, thanks to the high price of oil.

The word is that things are tight even in the Granite City. The word, even in oil circles, is of projects being delayed or put on hold. And car sales are down quite dramatically.

Now is the time for wise businesses to look at their future markets and gear up their marketing and promotion to ensure that they are the ones in pole position when we see the green light come on.

Tough times? Give your organisation the edge with professional PR.
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