Readers feel squeezed, but so far sticking with high-end glossies

While a pessimistic pall seems to hang over the magazine industry in some quarters, there is a view that one of the things that will save some magazines in times of tight money and advertiser skittishness is the tight relationship they have with their readers. An article in the Observer, from Britain, suggests that not only are magazines good value, but that readers will be reluctant to give them up even in harder times. Glossy magazines so far seem to be riding out the storm.

'Monthlies are in a good place because they are hugely good value,' [says media Alan Brydon, head of press communications for Media Planning Group] Women are not going to sever the special emotional connection that they have with glossy magazines, even if they are feeling the pinch, 'for the sake of £3'.

The magazine Elle surveyed 4,000 readers and found that they were determined to keep shopping, therefore determined to seek out things like beauty products that are featured in magazines. It showed that 33 per cent of respondents' clothes-shopping habits remained unaffected by the crunch and 42% said they would sacrifice a night out in favour of shopping.

'But they are being a lot more elegant in the way they buy. The huge flurry of instant gratification shopping in the lunch hour - I don't think they are going to be doing that anymore,' [editor-in-chief Lorraine] Candy says.

High-end advertisers are not being quick to give up their positions at the front of high-end magazines, so far.

To do so could mean that they lose their slots for months, if not years. 'It is almost like a nuclear deterrent. You can't be the first to blink,' says Brydon.

Nicholas Coleridge, the managing director of Condé Nast in Britain, says he expects next year to be "challenging", but the company is forging ahead with plans to launch not one, but two high-end magazines.

'A lot of it is about dreaming,' says Jeremy Langmead, editor of upmarket men's title Esquire, who predicts magazines will provide more of that next year. I am not going to rent Richard Branson's house on Necker Island, but for 10 minutes I am going to imagine I am lying on that beach.'