I’ve been trying to close my ears or eyes every time I hear or see the famous Mark Twain quote, “history doesn’t often repeat itself, but it rhymes” because I feel like we’ve all been living through a lot of history lately, and I’m certainly not looking forward to any future rhymes. And yet, I think the important relevance of the quote is that the current era rhymes with the prior one – the 1970s, when, as now, we saw the following things happen: a breakdown of trust in authority, a major schism in American society, an intensified emphasis on individual choices as well as a backlash to those choices, and seeking of both religion and ways to expand one’s consciousness. I’m not sure how all this will continue to play out, but I think that recognizing the parallels, as well as thinking about what ended up happening the last time around, may help us understand where consumers are headed in the years ahead.
The new Netflix movie, Breakdown 1975 reviews many of the issues that I just described through the prism of the numerous spectacular movies that came out that year, including Nashville, All the President’s Men, Alice Doesn’t Live Here Anymore, Network andJaws. Is it a coincidence that many film critics have been saying that 2025 is one of the best years for movies in many decades? Maybe not. You can see the trailer for Breakdown here.
I swear that I have been thinking about the parallels for a while. Broad enthusiasm for psychedelics (which, for the record, I do not share) is what first caught my attention, especially the evangelical tone of many users. I was not old enough in the 70s to hear about this firsthand, but I do know that LSD was created and promoted by scientists and professors, who also spoke of how the substances they used were transformative, as per Timothy Leary, “psychedelic drugs open the realms of consciousness that are otherwise inaccessible.”
The breakdown in authority today has been well-documented. I don’t know how much of it to assign to very assiduous reporting of the foibles of ostensible authority figures, and how much is that it is very easy, via a bit of Googling or by joining a Facebook group, to think that you know at least as much as a credentialed ostensible expert. I suspect that unfortunately I don’t need to elaborate on the schism, but, for instance, in a 2025 survey 46% of Gen Z women said that they would never date someone with opposing political views.
And then there’s the religion thing. I am decidedly not in a position to call any religion a cult, but in the 70’s young people were joining what were then called cults in what seemed (at least to Jewish parents) like droves. I know that I am not alone in having a family member who was in what was definitely a cult in the 70s and has spent many subsequent decades as a very well-regarded businessperson. The outpouring after Charlie Kirk’s death is just one manifestation of contemporary young people’s attraction to religion.
The emphasis on the individual, and individual choices, which was a core aspect of 1970s society has only intensified over the decades, to the point where now it feels like, starting at birth, every American gets their own Instagram account, and Substack follows shortly afterward. There is, as in the 70s, considerable pushback against some choices, and this is a key divide in society.
As the movie points out, there were backlashes within the 1970s – Rocky as a sort of response to the lionization of the quirky characters in the other films, the fun but definitely not edgy Happy Days as a counterpoint to All in the Family, etc. I buy that, but the overall tone was one of great ferment.
What next? On my first day as an analyst, I was told, “this job would be great if we could see the future.” I still can’t, but I do have some thoughts. I doubt that trust in authority, which survey after survey tells us is incredibly low, will be restored any time soon, though the popularity of younger politicians is a clear attempt to install officials who may engender less cynicism. AI adds another challenge — will people trust in any humans?
But while history may rhyme, it is not linear and is filled with surprises, and, most importantly, sometimes the surprises are positive. Perhaps my relatively optimistic view is colored by my visit over break to the southeast Indian state of Tamil Nadu, where real GDP growth in 2024-2025 was 11.19%, and where everything seemed to be bustling and everyone seemed to be cheerful. I am what used to be referred to as an old India Hand, and am therefore quite familiar with the many ways in which India, including its economy, is different from the U.S. Still, I was buoyed by my trip and think that, just as it did in the 1980s, things here may take a turn for the better. People do sometimes crave calmness. Also, as a result of luck, AI, the impact of considerable capex, and maybe even a more innovative political class, we may see a prolonged period of economic expansion and relative calm. That’s what I’m praying for in the sort-of-cult that I belong to.
I’ve gone on for much longer than usual, which I promise is not going to be a new habit. I do want to share one article, though, in keeping with the usual format of Weekend Reading. Perhaps the best news of the week is that veteran, and truly brilliant, culture and fashion critic Robin Givhan has joined the New York Times as a contributing Opinion writer. Here’s a great piece she published last week titled “Why is Shopping an Abyss of Blah.” Pull quote:
“Shopping, for me, isn’t just a matter of buying. It’s about discovery, memory and learning about who you are and who you want to be. And I wanted to be a person with rigorous focus, discerning taste and self-control… Shopping should be about lust. Instead, shopping has become a slog. How did this happen? I don’t think it’s just me. I should still love to shop, yet I don’t. I don’t think anybody does, at least not the way we once did. And I have a theory as to why: In a world of abundant choice but imprisoning algorithms, it too often feels as though there’s nothing interesting to buy. Our senses are flattened, our appetites dulled. Nothing seems quite right.”
Faye Landes advises emerging consumer companies, including footwear, apparel and accessories brands, on-line retailers, and fitness concepts on general strategy, hiring, scaling and fundraising. Faye’s work is informed by her career as an analyst at Cowen & Company and Consumer Edge Research as well as her time as a guest lecturer at Princeton’s undergraduate course in entrepreneurship. To join her Weekend Reading mailing list, sign up at faye@landesadvisors.com.
