Industry Insights: December 27, 2023

Teens Are Almost Constantly on Their Phones

Hi, friends!

I hope you’re ready to dive into this week’s Industry Insights! There’s a lot to unpack, from the economic rollercoaster to the fascinating world of teenage tech habits and a festive warning about holiday goodies. Let’s get right into it!

Big-Picture:

The Federal Reserve is the talk of the town this week, with investors celebrating the news that interest rates are expected to remain steady while most Fed officials plan on multiple rate cuts next year. The Dow rose to a new record close following the news, in addition to the release of strong retail sales data and a comfortable 3.1% inflation rate in November. Good news travels fast!

For all the homebuyers out there, ‘tis the season to rejoice! Mortgage rates are on a downward spiral, dropping to 6.6% from a recent high of 8% just two months ago. Homebuyers have sprung into action, with mortgage applications rising for the sixth consecutive week.

If you’re driving home for the holidays, your wallet can breathe a sigh of relief. Gas prices are down to $3.14 per gallon on average, a welcome drop from the $3.87 we were shelling out in August. Yikes.

Speaking of optimism, 33% of Americans are feeling “very positive” about 2024, compared to 26% at the beginning of 2023. While 71% are generally optimistic, 53% are still planning to be a bit cautious with their spending next year.

Marketing Industry:

In the marketing world, we’ve witnessed an exciting surge in retail sales, growing 0.3% in November compared to October. This defied expectations of a lackluster holiday shopping season and further supports a potential “soft landing” without a complete economic downturn. Looks like consumers went all out for Black Friday!

But it’s not just the shopping bags getting heavier; teens are carrying their smartphones everywhere. A startling 47% of them admitted to being online “almost constantly.” That’s double the figure from almost a decade ago! And their daily app menu includes YouTube (71%), TikTok (58%), and Snapchat (51%). It’s a digital world out there!

Just for Fun:

Let’s talk healthcare. As we gear up for the new year, it’s also time to enroll in medical insurance. But here’s the reality check: the US boasts some of the highest healthcare costs globally, averaging around $13,000 per person annually. With 50% of adults struggling to afford healthcare and projections hinting at a $3 trillion increase in costs over the next 8 years, it’s poised to be a hot topic in political debates next year.

And now, a sweet and slightly concerning note for the holiday season. Before you indulge in those delicious chocolate goodies, be aware that approximately one-third of chocolate products may contain heavy metals such as lead. So, uh, are you feeling the holiday spirit?

That’s a wrap for this week’s Industry Insights. We hope you found these updates as fascinating as we did. Wishing you a fantastic week ahead filled with positivity, joy, and maybe a few less heavy metals in your chocolate! Until next time, stay awesome, friends!

Bon appétit!

Your friendly Industry Insights devotee, 

JD