"One could argue that demand destruction for gasoline has already started," Peter McNally, global sector lead for industrials, materials, and energy at Third Bridge, told Yahoo Finance." ^1 I stared at the quotation rereading the section a couple more times before finally moving on to the following article in my daily news feed. Up until now I don't recall ever hearing the term "demand destruction." I rolled it around on my tongue a few times before making a note of the article for further review.
Interestingly, certain words or phrases can capture our imagination, and I continued to rumble the idea around in my brain. "Demand destruction" fascinated me, and I found ways to work it into conversations and sales presentations. Eventually, however, the compounding effect of inflation took its toll, and soon more things were getting destroyed than not, and the term lost its unique meaning.
My fascination with the term has lingered, however. With some help from my ChatGPT AI friend, we reviewed several instances where the idea of "demand destruction" could be applied beyond the economic identities of products and services.
The first instance of demand destruction beyond economic ties is related to time or a simple reduction in the demand placed on someone by changes in priorities or workload. ^2 Ask any of the thousands of people who recently received layoff notices or ask any of the millions worldwide who stayed at home during the COVID lockdowns about time demand destruction. Jigsaw puzzle, anyone?
Relationship demand destruction refers to a "decrease in the demand for social or romantic relationships due to changes in personal circumstances or preferences," ^3 i.e., they are just not that into you anymore.
Family demand destruction refers to a change in priorities or commitments that affect the time demanded from families. ^4 Often a two-way street between careers and teenage years when hanging out with the parents is considered no longer cool.
Friends demand destruction occurs when a decrease in the demands placed on an individual for time and attention change due to personal priorities, distance, or other life changes. ^5 In addition, feelings of abandonment or resentment can lead to the estrangement of a once-beautiful friendship.
Personal demand destruction reduces personal time and space due to external commitments or priorities changes. ^6
ChatGPT defines fitness demand destruction as "a decrease in the demand for physical activity or exercises due to changes in personal circumstances or priorities." ^7 If I had been armed with this definition a year ago, I could have used it ad nauseam during my physical therapy sessions.
As requested, ChatGPT identified ten examples using "time" and "relationships" as a guide. In addition to those listed above, ChatGPT responded with work, community, leisure, and volunteer examples, all hinging on the assumption that the demand primarily of your time, attention, responsibilities, involvements, or activities can change due to personal circumstances or priorities.
I asked for and received from ChatGPT a moving and heartfelt (lengthy) closing statement; however, suffice it to say that "our investments of time and attention can significantly impact the quality of our relationships and our overall well-being." ^8^9 Therefore, choose wisely when circumstances and priorities threaten the destruction of demands placed on you by those you care about most.
Written February 12, 2023
Footnotes:
Ines Ferre. June 8, 2022. * [Gas prices: 'Demand destruction' has already started, says strategist (yahoo.com)](https://www.yahoo.com/finance/news/gas-prices-demand-destruction-already-started-says-strategist-195433877.html)
ChptGPT request for “Using the terms ‘time’ and ‘relationships’ as a guide, list 10 examples where the term ‘demand destruction’ could be applied. Exclude product or service examples.”
Ibid
Ibid
Ibid
Ibid
Ibid
ChptGPT request for “A closing statement based on the final paragraph.”
A hilarious example of where AI needs additional work resides in my first request for a closing statement which resulted in two paragraphs dealing with the recycling industry.