Additional Coverage:
- 14 Once-Popular Brands People Don’t Care About Anymore (financebuzz.com)
From Runway to Red Ink: Iconic Brands Facing Tough Times
Once upon a time, certain brands felt like they’d last forever, becoming part of our daily lives and cultural fabric. But as the economy shifts, consumer tastes evolve, and a pandemic shakes things up, even the most legendary labels can find themselves in a bit of a pickle. If you’re looking to save a buck, here’s a peek at some big names that aren’t quite as hot as they used to be, meaning more cash stays in your wallet.
1. Victoria’s Secret: Losing Its Luster
Remember when supermodels with angel wings dominated the runways? Victoria’s Secret was the place for lingerie.
Fast forward to today, and the brand is seeing its wings clipped. Following a rough start to 2024 and declining annual sales, shares took a 27% nosedive in March.
Analysts point to shoppers seeking more budget-friendly options.
2. Harley-Davidson: A Bumpy Ride
The roar of a Harley has been synonymous with freedom since 1903, but even this legendary motorcycle brand is navigating some choppy waters. Their third-quarter financial report in November revealed a dip in global motorcycle retail sales compared to the previous year.
3. Facebook: Unfriended by the Youth
Facebook’s “cool” factor has been on the decline for a while now. Many users have opted out, and younger generations are flocking to platforms like WhatsApp, Instagram, and TikTok. The exodus started back in 2018, with user bases shrinking in the U.S., Canada, and Europe, leading to lower daily active users and engagement.
4. SlimFast: Shaking Up Sales Difficulties
The decades-old diet brand SlimFast is finding that fewer people are reaching for its meal replacement shakes. Despite being acquired by Glanbia and undergoing a packaging refresh, revenue continues to drop, and fewer retailers are stocking its products. Its website, with its simplified, older-skewing design, suggests the brand is heavily reliant on an aging demographic.
5. Campbell’s Soup: Not So Super Anymore?
Campbell’s Soup, once a pantry staple, is feeling more retro than relevant these days. Health-conscious consumers are steering clear of high-sodium options, and the brand’s attempts to pivot to organic soups and portable snacks haven’t quite stirred the pot. They’re currently struggling with declining net sales and revenue growth.
6. Jell-O: A Wobbly Future
Who knew Jell-O was still around? This century-old brand, which once boasted nearly $1 billion in annual sales, ended 2023 at a significantly reduced $688 million. Demand for the jiggly dessert has been sliding for the past decade.
7. H&M: Fast Fashion Slowdown
H&M, a former fast-fashion favorite, has been battling sales struggles as consumers shift away from the trend. Even pre-pandemic, the retailer faced challenges with declining store traffic and excess inventory. All eyes are now on new CEO Daniel Ervér to turn the tide.
8. Applebee’s: Not So “In the Neighborhood”
Things aren’t looking great for Applebee’s. Changing diner preferences have hit the chain hard, with a reported decline in year-over-year domestic sales during its fourth-quarter earnings call. The brand plans to close up to 35 locations this year, with owner Dine Brands hoping that combined IHOP and Applebee’s locations might offer a solution.
9. Forever 21: A Costly Acquisition
When an owner calls acquiring a brand “probably the biggest mistake I made,” you know there’s trouble. That’s what Authentic CEO Jamie Salter said after purchasing Forever 21 in 2020. The brand has been fighting an uphill battle since its 2019 bankruptcy and is now co-owned by Authentic Brands, Simon Property Group, and Brookfield Properties, even partnering with Shein to boost digital sales and foot traffic.
10. PayPal: Facing Fierce Competition
PayPal was once a trailblazer in digital wallets, but fierce competition has emerged in recent years. New CEO Alex Chriss is making significant changes to modernize the brand, and time will tell if these efforts pay off.
11. Jack Daniel’s: Pouring Out the Problems
It seems even Jack Daniel’s needs a stiff drink. Demand for whiskey and other spirits has softened since the pandemic, with Chris Swonger, president of the Distilled Spirits Council of the United States, noting a “recalibrating” market.
12. Starbucks: A Pricey Perk
Many coffee lovers appear to be ditching their expensive Starbucks habit. The company reports fewer store visits and cooling international markets, suggesting that during inflationary times, consumers are seeking more affordable caffeine fixes.
13. McDonald’s: Losing Its Golden Shine
The Golden Arches are looking a little dull. Consumers are increasingly seeking healthier options and better value, and many feel McDonald’s isn’t delivering on either front. The brand is grappling with inflation, rising worker wages, and shifting diner preferences.
14. Kohl’s: Falling Behind
Kohl’s missed nearly all its first-quarter projections, with same-store sales declining for multiple consecutive quarters. Shoppers are increasingly opting for discount retailers like Marshalls and Burlington.
The Bottom Line: Smart Spending in Changing Times
These once-unbeatable brands are now grappling with evolving consumer preferences, economic headwinds, and increased competition. Instead of splurging on formerly trendy labels, consider boosting your financial health by exploring cheaper alternatives, like generic items that often deliver the same quality at a lower price point.
Smart Money Moves for Everyone
Regardless of your current financial standing, there’s always room to improve your finances. Here’s a quick guide to get you started:
- Boost Your Income: If bills are tight, explore side hustles that fit your schedule or other legitimate ways to keep more cash in your wallet.
- Grow Your Wealth: Time and compound interest are powerful allies.
Understand your current financial position and create a plan. Consulting a professional can be invaluable if early retirement is a goal.
- Seize Opportunities: Maximize benefits, discounts, and money-saving opportunities. For car owners, regularly checking for the best auto insurance rates could save hundreds.
Conversely, be vigilant against money-wasting traps that silently drain your accounts.
Read More About This Story:
- 14 Once-Popular Brands People Don’t Care About Anymore (financebuzz.com)