Industry Insights: August 9, 2023
by Jordan DeGraw • August 9, 2023
You Could Use a Day Off
Hello there, dear readers!
Welcome back to our weekly roundup of Industry Insights, where we bring you the latest updates on the world, marketing trends, and some fun and intriguing facts to brighten up your day. So, let’s jump right in and see what’s been happening in the world of business and beyond!
The stock market has been showing some interesting trends lately. The VIX, a measure of stock market volatility, is currently at its lowest point since February 2020, just before the pandemic sent it rocketing above 80. The Dow has enjoyed a 12-day winning streak, suggesting that investors seem to be less fearful and are possibly shrugging off recession concerns.
Moreover, the US gross domestic product grew by 2.4% annually in Q2, surpassing economists’ expectations and signaling a positive trajectory for the economy despite looming mild recession possibilities.
Additionally, the Fed raised rates another quarter point, bringing interest rates to the highest level since 2001. The personal consumption expenditures price index grew by only 3% last month compared to the previous June—its lowest annual rise since 2021. Also, the Bureau of Labor Statistics said that the employment cost index, a gauge that tracks wages and benefits, also rose at its slowest rate in two years. As more economic data comes in, these are signs that things are moving in the direction the Fed desires.
In the fast-paced world of marketing, significant developments are underway. Meta (formerly known as Facebook) had its most profitable quarter since 2021, with a boost from their breakthrough AI tech for improved audience targeting. Meanwhile, Google’s revenue grew by 3%, with YouTube experiencing a 4% increase in ad revenue after a few quarters of decline.
Not to be left behind, TikTok is expanding its horizons by allowing users to create text posts alongside photo and video posts. This could be a move to appeal to advertisers leaving Twitter (sorry, I mean X) amid all the uncertainty on the platform under Musk’s leadership.
Instagram is also stepping up its game by introducing a subscription feature, enabling content creators to offer exclusive paid content to their most loyal followers. This not only strengthens the connection between creators and fans but also creates a new revenue stream for content creators.
The digital advertising world is gradually bouncing back, with advertisers reporting a slow rebound in digital ad spend. This is a positive sign for businesses and indicates a brighter outlook for the performance of digital advertising budgets, especially for social budgets.
Yikes, Amazon finds itself in hot waters with an FTC lawsuit that could potentially lead to the company’s breakup. The lawsuit alleges that Amazon forces merchants to use its logistic and advertising services, raising concerns about monopolistic practices.
Just for Fun:
Amidst the hustle and bustle of the business world, it’s essential to take some time off to recharge. Surprisingly, despite the ongoing recovery from the pandemic, nearly half of US workers are not using all their accrued paid time off each year. So, if you’ve got some vacation days piling up, it’s time to treat yourself to a well-deserved break!
Here’s another fun fact for you! Have you ever received a gift card and forgotten to use it? You’re not alone! There are approximately $23 billion worth of unused gift cards floating around. So, why not dig into your purse or wallet and treat yourself to that car wash or pedicure you’ve been putting off?
Lastly, space tourism is gaining traction in the minds of many Americans. According to a recent survey, 55% of Americans expect that space tourism will become available within the next 50 years. Imagine traveling to space for a vacation – start saving up those SkyMiles!
And that’s a wrap for this week’s Industry Insights! We hope you enjoyed catching up on the latest developments in the world. Remember to take some time for yourself and make the most of your hard-earned vacation days.
As always, stay tuned for more exciting updates. Until next time!
Your friendly Industry Insights devotee,