Industry Insights: September 13, 2023
by Jordan DeGraw • September 13, 2023
No One is Waiting in Line for the iPhone 15
Welcome back to our weekly industry insights roundup. We’ve got a lot to cover this week, from job market updates to exciting developments in the marketing world and some quirky tidbits just for fun. Let’s dive in!
The US job market is showing signs of recovery, with 187,000 jobs added last month. While the unemployment rate ticked up slightly to 3.8%, there’s no reason to hit the panic button just yet. More job openings are available than there are unemployed people. Plus, workers’ wages have seen a healthy increase of 4.3% on a yearly basis. Meanwhile, the yield curve remains deeply inverted, which has a perfect track record of predicting the past eight recessions since World War II, meaning it might still be too early for celebration.
While incomes have risen by over 20% compared to pre-pandemic levels, consumer spending has surged even further. This has resulted in Americans collectively carrying a whopping $1 trillion in credit card debt. It’s no surprise that some are dipping into their retirement savings to keep up. It’s a timely reminder to keep a close eye on your finances.
The Biden administration is taking action to ease the burden of high healthcare costs. They’re currently in negotiations to lower the prices of 10 prescription medications that address conditions like diabetes, cancer, and heart disease. These medications cost Medicare enrollees a staggering $3.4 billion in out-of-pocket expenses each year. A welcome relief for many struggling with healthcare costs.
Good news for prospective homeowners! Zillow might have just made it easier with their 1% down payment option, potentially making homeownership more accessible for many.
For those dealing with student loans, interest has started accruing as of September 1. However, there’s a one-year grace period where missed payments won’t negatively impact your credit score. This grace period can provide some much-needed breathing room for those who need extra time to start repaying loans after a three-year break. Take advantage of this opportunity if you need some extra time to get back on track.
The marketing world is on the rise, with global ad spend expected to surpass $1 trillion next year, marking an 8.2% increase. Key players like Alphabet, Meta, Amazon, Alibaba, and TikTok are expected to capture more than half of this massive advertising pie.
Shopify and Amazon are teaming up to offer the “Buy with Prime” program to merchants. This means Shopify stores can now provide Amazon’s quick delivery options and enable customers to check out using their Amazon accounts, enhancing the shopping experience.
Direct-to-consumer (DTC) brands might be losing some of their shine, with only 12% of consumers citing fast and free shipping as their primary reason for shopping with them, down from 57% in 2022. It’s a reminder that consumer preferences can evolve rapidly.
Just for Fun:
Did you know that up to 90% of online content is predicted to be AI-generated by 2026? We might start seeing fashion trends leaning more towards “adversarial patterns” designed to fool AI systems, like that sneaky sweater crafted to confuse video recognition.
Apple’s iPhone has been a cultural icon, but it seems the hype isn’t what it used to be. Google searches for the latest iPhone peaked with the iPhone 5 and have steadily declined since the iPhone XS in 2018. The iPhone 15 is expected to launch this month (and the crowd goes mild).
While the excitement may not be as intense, Apple still has a dedicated following.
Can you believe it? 2023 is already 67% complete! Here’s your friendly reminder to revisit those New Year’s resolutions. There’s still a third of the year left to make progress and accomplish your goals.
That wraps up this week’s industry insights. We hope you found these updates informative and entertaining. Stay tuned for more exciting news and trends in the weeks to come. Until next time, stay curious and stay informed!
Your friendly Industry Insights devotee,