Industry Insights: November 22, 2023

AI Therapy & Record-Breaking Credit Card Debt

Happy Thanksgiving, friends! Statistically, we’re all about to gobble down an astronomical amount of turkey this week. Please keep your eyes on the sides and avoid political talk; we’ll all be fine. Today, we’re talking less extravagant holiday spending, record-breaking credit card debt, and using ChatGPT as a therapist.

Big-Picture:

Investors have been riding the S&P 500 rollercoaster lately, with a 7.2% rise in the last two weeks. But just when the party was getting started, Jerome Powell chimed in like a party pooper, saying he’s “not confident” the Fed has done enough to stop inflation. Should we hold onto our party hats or trade them for inflation-proof helmets?

We’ve hit another record, but it’s not the kind that you want to brag about at Thanksgiving dinner. Americans now collectively owe a jaw-dropping $1.08 trillion in credit card debt. Consumer spending remains strong, but now it’s held up with debt instead of savings. 

Meanwhile, the US population is projected to shrink by the year 2100. Blame it on declining birth rates, the aging population, and the pandemic. We’re relying more on immigration for population growth, akin to a country casting a diverse ensemble of newcomers for a reality show. Can this eclectic mix of personalities keep the nation’s population story entertaining and sustainable?

Mortgage rates have finally decided to take a breather after their recent stint above 8% in October. Mortgage applications are rising, with the real estate market saying, “Buy, buy, buy!” Remember, this isn’t a Backstreet Boys reunion tour; it’s the housing market.

Marketing Industry:

The National Retail Federation (NRF) forecasts a less extravagant holiday spending season after two years of pandemic-induced shopping sprees. They’re predicting a 3-4% increase in spending between November and December compared to last year. But hold onto your wallets, folks, because 37% of Millennials and 42% of Gen Zers are so stressed about holiday spending that they’d rather cry in a corner. And 25% of respondents are so financially tapped out that they secretly wish the holidays would vanish this year. Bah! Humbug! 

Google is unleashing a new army of AI-powered features for Performance Max. You can now have AI generate digital assets, keywords, and headlines. Need some holiday-themed ads? No worries, just hit the “theme for holidays” button, and your AI assistant becomes the holiday cheer meister. Meanwhile, over at Meta, they’ve rolled out their own batch of AI tricks, including background generation, image expansion, and text variations. It’s like having a whole team of digital elves working on your campaigns.

If you’ve noticed that your trusty YouTube ad blocker has stopped working, don’t panic. It’s not you; it’s Google. They’ve decided to crack down on ad blockers worldwide, pushing more users towards their $14 premium subscription. It’s a classic bait-and-switch move. “You can block ads, but for a small fee, we’ll ensure you never see one again!”

Just for Fun:

Here’s a piece of expert advice: using ChatGPT as your free mental health counselor is like trying to treat a broken leg with a band-aid. While AI can listen to your endless hours of trauma dumping without asking for a $50 co-pay, it’s not exactly licensed to offer actual therapy. So, keep your virtual therapist in check, and save those big life questions for the pros.

The average commute in the US is 27 minutes, but according to The New York Times, people with college degrees spend even less time commuting than those who waved goodbye to their education after high school. It’s like education comes with a teleportation diploma – the more you learn, the closer you are to work. Who knew that a degree in astrophysics could double as a shortcut to the office? 🚀🎓

Those are all our industry insights, for now, friends! I’m off to “trauma dump” on ChatGPT before Turkey Day.

Your friendly Industry Insights devotee, 

JD