Here's an interesting post about emotional v. rational messaging during a recession.
As I've been researching how companies are trying to maintain their brand, yet promote value, I'm finding a lot of opinions about maintaining budgets. What's more important is maintaining share of voice. Media costs have dropped. The logical conclusion is you can keep your share of voice with a smaller budget. This is, of course, if your competitors are keeping their share of voice. If they've cut back, you may be able to cut a little as well. The key is share of voice, not a set budget.
What I found interesting about this post was the creative strategy. People buy on emotion, but rationalize their choice with logic. This hasn't changed. The emotions may have changed. It's time to tap into what consumers are concerned about. Marketing is about solving problems. The problems have just changed. The companies that survive and prosper know how to tap into this.