The most dramatic shift in consumer behaviour I have ever witnessed is the current phenomenon of trading down. This has been a sudden, mass migration. In our work and personal lives, everyone is cutting back and looking for a bargain. Business must adapt to this new psychology or asphyxiate.

By contrast, in the good times, companies all wanted their products to be “aspirational”. The boom meant more and more customers were willing to pay extra for premium goods. Quality was the obsession; price was secondary. That era – for the moment, at least – is over. Now, value is the mantra – it doesn't matter which market you're in.

This pronounced trend is not happening just because the world is tightening its belt; ostentatious luxury as social spectacle is now seen as offensive. That's why at dinner parties, it's fine to serve cava instead of champagne. Apart from anything, we've always known the drinks taste the same – it's simply been clever marketing by the French and snobbery that has persuaded us to pay four times the price for near identical products. What applies with champagne applies across whole swathes of industries: the top end is suffering.