Industry Insights: December 20, 2023
by Jordan DeGraw • December 20, 2023
All Clear for An Economic “Safe Landing”
Hey there, fabulous friends!
Welcome back to our weekly rendezvous for all the juicy tidbits and hot takes in the world of industry happenings. Grab your hot cocoa, and let’s dive into the latest and greatest!
Breaking news on the economic front – the US job market is painting a brighter picture! Employers welcomed a whopping 199,000 new team members last month, soothing the nerves of many economic pundits. Unemployment? A cool 3.9%, hanging out near historic lows. And can we talk about stocks hitting a six-week high? It seems like the economy and inflation decided to call a truce just in time for the holiday season. Cheers to that!
But wait, there’s more. First-time homebuyers are playing a slightly smaller role in the real estate game, comprising only 32% of the market this year. The median age of repeat buyers is now 58, a far cry from the 36-year-olds dominating the scene in the ’80s. What’s the deal? It turns out young guns today are stuck in the renter’s lane for longer, thanks to the widest gap between renting and buying costs in over 50 years. The struggle is real.
And speaking of struggles, the baby-making game seems to be on pause. A whopping 44% of non-parents aged 18-49 are waving goodbye to the idea of diaper duty. Blame it on economic uncertainties, a lack of paid parental leave, and the frightening costs of childcare. Meanwhile, our DINK friends (double-income, no kids) are raking in the cash, with a median net worth $148,000 greater than couples with children.
Did your inbox survive the Black Friday email onslaught? This year, the promotional emails hit a record high, leaving some consumers taking to social media to deem Black Friday as “unsubscribe day.” Lesson learned: when it comes to Black Friday, go big or don’t bother. Shoppers are holding out for the real deals, so brands won’t be adding to the noise with lackluster offers. And here’s a pro tip—sprinkle a little personal flair on those emails; it could boost your open rates by a dazzling 15%.
Now, if you’re living in a swing state, brace yourself! US political advertising is gearing up to smash records, with a predicted $16 billion spend next year. Rising CPMs are on the horizon, so keep your eyes peeled and your remote handy.
Just for Fun:
Hold onto your fries, folks! McDonald’s is set to conquer the world with plans to open 9,000 new restaurants in the next four years. And if that’s not wild enough, they’re considering a Starbucks-esque drive-thru concept called CosMc’s. Sounds like it could be out of this world!
In the music realm, Taylor Swift has snagged the coveted Time Magazine’s Person of the Year title. With over $1 billion in ticket sales already and projections soaring past $2 billion by the time The Eras Tour ends in 2024. She’s not just shaking it off; she’s shaking up the charts.
All aboard! The Biden administration is unleashing an $8.2 billion plan for high-speed rail projects crisscrossing the nation. Imagine zipping from Las Vegas to Los Angeles or enjoying streamlined train rides in California, North Carolina, Pennsylvania, Washington, D.C., and Chicago. Choo-choo, baby!
There you have it – a whirlwind tour of this week’s industry insights. Until next time, stay curious, stay fabulous, and bon appétit!
Your friendly Industry Insights devotee,