Trends & Macro
UMich’s Survey of Consumers tells a slightly different story, February was basically the same as January.
Wallets are still feeling squeezed:
About 46% of consumers spontaneously mentioned high prices eroding their personal finances; readings have exceeded 40% for seven months in a row.
The K-shaped economy continues to capitalize:
wealthier and higher-income consumers feel better insulated from any possible risks to the economy.
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A sharp deterioration in consumers’ views of the current economic situation weighed on confidence
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Present situation vibes dropped 7 points .
Expectations dipped (again) and have now been below 80 (the unofficial recession signal) since February (maybe giving credence to the rolling recession hypothesis?).
Consumers’ write-in responses showed that references to prices and inflation rose in September, regaining its top position as the main topic influencing consumers’ views of the economy.
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Consumers are feeling a little less confident as Labor Day looms.
The Consumer Confidence Index, Present Situation Index, and Expectations Index all decreased from July (which had an upward adjustment on its confidence index).
Among demographic groups, confidence fell for consumers under 35 years old, was stable for consumers aged 35 to 55, and rose for consumers over 55.
Blame: tariffs, inflation / high prices, recession concerns
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Some good news buried in all the tariff whiplash
The CPI dropped 0.1% in March (gas dropped 6.3%)
All items less food and energy is the lowest it’s been since 2021
The Fed’s not celebrating though
From the recent meeting:
participants remarked that uncertainty about the net effect of an array of government policies on the economic outlook was high, making it appropriate to take a cautious approach. Emphasizing that uncertainty, a majority of participants noted the potential for inflationary effects arising from various factors to be more persistent than they projected.
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This Fall Will Be Fun For Marketers: Part 2
67% of consumers are anticipating marketing fatigue by November 1, 2024.
Marketing fatigue occurs when consumers feel overwhelmed by the volume or repetition of brand messages, leading to reduced engagement and negative perceptions.
Consumer confidence is up, with 50% of respondents expressing optimism about the economy, an increase from 26% in 2023.
61% plan to budget more for gifts this year.
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Good news:
Fourth of July gas prices are set for a three-year low
Adjusted for inflation, US gas prices are almost exactly where they were in July 2018, according to federal data.
Bad news:
record high: 5% more than last year and 30% higher than in 2019 before the Covid-19 pandemic.
The biggest driver of the pricier supermarket bills will be the cost of meat, which accounts for about half the total cost.
Maybe double up on beans?
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2020 Tech and Marketing Trends Distilled
It’s a new year, a new decade(?), so you know what that means: it’s trend time! We dusted off our crystal ball (not to be confused with our Cristal Ball) and took a peek at the future of marketing. Here’s what we saw (actual footage above).
Techlash: The Fallout
It’s been a rough time for platforms, fire hose marketers, and data vacuums lately. Enough scandals have piled up that users seem legitimately interested in their privacy and data security. A mix of regulations, technical changes at the browser level, and ad blocker use is going to make it more difficult to track users around the web and will shake up the current status quo.
How should you adapt? Provide value and service via your marketing. It’s about messaging transparently, having people opt in to your movement, and providing value to them through content. Or, it’s the opposite of spam. Treat your marketing and messaging as an invitation, not an offer they can’t refuse.
These changes, in tandem with some device trends, could mean it’s time to start thinking beyond the screens. Eyeballs are so 2010s.
The Robots Cometh
What will replace our love affair with screens? Robots! (we are contractually obligated to mention robots at least once per quarter)
Improvements in voice assistants and chatbots, machine learning capabilities (especially on consumer devices), and devices like smartwatches and headphones becoming increasingly robust could lead to a shift from screens to a more ambient form of technology. Like Radio 2.0: now with screens too!
In the more immediate future, we should have a growing number of toys that utilize machine intelligence to give us more ways to automate different tasks, both internally and externally.
Venture into the Dark Forests
Another trend arising from the shine fading from social media and similar algorithms? The growth of “dark forests”. Sounds ominous, right? It’s not, it’s just a fancy term for mediums like email newsletters, podcasts, private groups, and other non-broadcast messaging platforms. People increasingly want the information they’re interested in waiting for them when they’re ready versus bombarding them, and usually without a comment stream of sadness attached. They want community, not trolls with megaphones.
Does this mean social media is dead? No, but it is changing. Or at least we need to change our approach to it, especially as organic reach continues to decline. Approach these as focused content and story platforms more than broader social connecting.
Fly Your Flag
You know what is in your control? Your brand, story, and the content you create. Yes, your brand and story can change and transform once they hit the public domain, but it is still your brand. Tools and tactics change over time but the strength of content and stories endures. Craft your anthem and build a storytelling platform around it, with a focus on the channels you own.
Own the Moment
Gone are the days of the monoculture and the cultural moment. That one thing we all watch or hear. Our approach to marketing needs to reflect this reality. Customers move through a series of micro-moments in which we can message them, small windows of opportunity to catch their attention. These moments typically occur as they’re exploring on mobile, avoiding ads, in control, and expect to be able to act with the touch of a button. You have to utilize the other trends above to craft and deliver messaging that fit these moments and start a conversation.
Trends 2020 Distilled: Respect your customers. Own your channels. Tell your story.
What do you think we should expect in the future?
originally posted on the Blue Ion blog
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