Sony Exec: Don’t worry, buy happy

November 21, 2008

Give the “Glass is Half Full” award to Stan Glasgow, Sony’s top U.S. electronics executive, ahead of what could be the most crucial (and potential painful) “Black Friday” shopping weekend in many years. It’s normally a happy time of year, filled with family gathering, gifts, etc.

This year its different. Read the papers, or a blog. Things look pretty gloomy.

Perhaps, just perhaps, things aren’t as bad as they seem, Glasgow told a gathering of journalists on Thursday, suggesting that there are great bargains to be had on cool gadgets and big TVs, if consumers can overcome their apprehension.

Glasgow, a passionate engineer-by-trade, whose casual briefings with the tech press are usually chock full of geek-y chatter about flat screen TVs, Digital SLR Cameras and OLED displays, took on the economy, such as it is.

His message in short: Yes We Can shop our way out of this mess:

All of us get shell-shocked a little, that we have been disappointed by the events that have happened in the economy. We’d like to think that it’s an opportunity. I’ve asked our employees to get out there and get aggressive, to come up with new ideas how to do things better for Sony, but also to begin to talk to their friends and family about ‘its a good time to buy products — the values are good right now.’

Prices have gone down on every product. It’s almost a deflationary time period in terms of good and services in this country. What that means is that everything is going down in price, including oil and gold and stocks and bonds and everything. It is not a bad time to buy products, it is not a bad time to make investments. So I’m encouraging our people — and I’m encouraging all of you around the table — that we can play a part in helping restore consumer confidence.

(Reuters photo of Stan Glasgow)


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I don’t know who “we” is in the sentence about spending our way out of the economic meltdown because there are bargains to be had.
This is an instant gratification society and that’s one of our problems. I grew up in a time when except for really big ticket items – house or car – most people saved until they could go to the store and buy what they really wanted. That of course, saved them a ton of money over the long haul. But now, people want it INSTANTLY, borrow money to buy it and then when the new wears off, many times they wonder why they wanted it. So it’s not a bad thing to save for a purchase. You can save lots of dollars when you decide you really didn’t want that trinket.
Naturally, if people got back in that habit, credit rates would come down, people would save money, opt out of some purchases and our economy would probably crash. It’s the consumer that supports 2/3 of this economic monstrosity.

Posted by Ray | Report as abusive

Yes, it is always better to save first and spend later on the required items. Main advantages in this method will be
1. people learn to save
2. people come out of instant gratification
3. some items prices will come down with time

Posted by krishnarjun rao | Report as abusive