Nov 12, 2024 | Media, Retail, Advertising and the Economy, Industry Press Highlights Executive Summary: David’s Bridal has reinvented its Diamond Loyalty program to capitalize on the...

Industry Press Highlights, Media, Retail, Advertising and the Economy

Industry Press Highlights, Media, Retail, Advertising and the Economy

Industry Press Highlights, Media, Retail, Advertising and the Economy

Industry Press Highlights, Media, Retail, Advertising and the Economy

What restauranteurs and their employees had to endure during the pandemic and inflationary periods is a testament to the American entrepreneurial spirit and the resilience of local restaurant owners and franchisees. Most of the data indicates the restaurant industry has fully recovered but challenges remain, including high food and labor costs and many potential guests who don’t have the discretionary income to visit their favorite restaurant or experience new eateries.

Parents, teachers and other influential adults teach the members of each generation the skills they need to lead a fulfilling and healthy life. Navigating an ever-more complex consumer landscape is one of the most important sets of skills. Gen Zers like recent generations were born into a world driven by consumption. That consumption engine is responsible for approximately 70% of the United States GDP, and Gen Zers are expected to keep stoking that engine.

Change is the one universal constant most challenging for humans. Our adaptability, however, allows us to change, although many resist. Typically, those who adjust to change in their personal and professional lives are more successful. Until recently, B2B sales seemed to be locked into a decades-old, legacy process. Many companies and sales teams have yet to embrace fully the new era of B2B sales, but they are courting disaster if they don’t do so quickly.

Video content, however it is consumed, often steals the media spotlight, touting the popularity of streaming services, watching on multiple devices and focusing on the turmoil of video viewership as it moves from legacy to Connected TV. As much as we enjoy viewing video content on mobile devices, there are limits as to where we can watch. Listening to audio content is truly a ubiquitous experience, anywhere, any time, and via multiple devices as well.

Some may dismiss the notion that linear TV has any remaining “strengths.” Despite the onslaught of streaming services and video platforms, linear TV continues to attract a substantial audience and provides advertisers with a level of reach only radio can rival. Undoubtedly, the television experience, for both viewers and advertisers, is evolving and expanding, but linear TV is still an essential and unique component of that experience. It delivers coveted audiences that newer platforms can only offer in limited numbers.

America remains a rural country, geographically, as almost three-quarters (72%) of the nation’s total land area is rural counties, 14% of the US population live there and approximately half of the land area is used for agricultural production. Buying food or other consumer products that originate in agriculture is the only interaction most Americans have with rural communities – and very indirectly – or when driving by or flying over farmland.

Whatever the world throws at US consumers – inflation, limited inventory, higher prices and interest rates, recessions and even drastic weather and a pandemic – they are unstoppable. Since they are responsible for approximately 70% of total GDP, they better not stop. Although current economic conditions may cause many Americans to pause or re-prioritize their spending, total seasonally adjusted retail and food services sales during March 2023 was $6.92 trillion – and only exceeded by January’s and February’s total.

Watching a professional juggling act can be very entertaining, even mesmerizing, especially those juggling odd or extreme objects, such as torches, bowling balls and chainsaws. As media sales reps and local advertisers are required to juggle ever more media, juggling the wrong ones can lead to mistargeted ad dollars, loss of customers and general confusion as to the best media to juggle.

Convenience stores, like most other businesses and retailers, have remained committed to serving their customers better, even as they’ve had to adjust to the pandemic, supply-chain and labor challenges and inflation, driving many to reinvent themselves. Changing consumer spending habits have provided C-stores with many opportunities to become something more than a grab-and-go foodservice location. They are also proactively embracing and adding new retail technologies to improve service while reducing costs.

With the coming of the digital age, consumers were wary of shopping online. In retrospect, the transition was relatively quick, given that people are conducting most of the buying process of their biggest purchases online: vehicles, homes, appliances, jewelry, etc. When it was almost impossible to shop in stores during 2020, e-commerce was a welcome alternative. According to US Department of Commerce data, online sales increased 53.4% during Q2 2020 and maintained that extreme growth through Q1 2021 at 46.9%.