Industry Insights: July 6, 2023
by Jordan DeGraw • July 6, 2023
It’s Time for a (Home) Makeover!
Hey there, dear readers!
Welcome back to our weekly Industry Insights, where we bring you the latest updates and intriguing news from various sectors. Sit back, relax, and let’s dive right in!
All eyes were on the Supreme Court this week as they ultimately ruled against President Biden’s plan to cancel $430 billion in student loan debt for 40 million borrowers. This decision will undoubtedly have a significant impact on the lives of many Americans. Over 20 million individuals who have been in forbearance since March 2020 will see their student loan payments resume this fall. This collective financial burden, amounting to nearly $10 billion per month, is expected to have repercussions on consumer spending. One area that may witness a decline in purchases is apparel, as buyers are likely to defer discretionary spending.
Additionally, the world is currently grappling with concerns over interest rate hikes, raising worries about a potential U.S. recession and even a global one. The stock market reflected these anxieties as all three major indexes broke their upward trends before the weekend.
In the realm of homeownership, rising inflation and increased costs have led many homeowners to postpone home improvement projects. However, an interesting finding reveals that a staggering 79% of homeowners would rather renovate their current homes than move into new ones. With interest rates hovering around 7%, the decision to purchase a new home is proving to be challenging for many.
The popular social media platform TikTok is making waves once again by expanding access to its new Shops eCommerce function. This exciting feature offers users an in-app shopping experience, and after successful testing in several Asian markets, the platform will begin testing with select U.S. eCommerce brands. This move further solidifies TikTok’s position as a powerhouse in the social media and eCommerce landscape.
In the ever-evolving realm of news consumption, social media platforms surpassed news websites as the primary source of news for many individuals. Facebook, once dominant in this space, is now fading as a news source and is likely to be overtaken by YouTube. This shift in consumer behavior highlights the dynamic nature of the digital landscape and how platforms must adapt to remain relevant.
A recent report reviewing over 400 national linear TV ads sheds light on an important issue. It reveals that LGBTQ+ people were represented during only 1.4% of the screen time, despite making up 7.2% of the U.S. population. This stark discrepancy emphasizes the need for more inclusive and diverse representation in advertising and media.
Just for Fun:
Are you a music enthusiast? If so, you might be interested in Spotify’s latest announcement. The music streaming platform has unveiled a “supremium” service that offers ultra-pure HiFi audio. But here’s the question: can the average listener discern the difference? NPR has put together a test to help you find out if you truly have an audiophile’s ear. Give it a try and see where your musical senses take you!
As we embrace the summer season, it’s fascinating to discover what truly marks the beginning of summer vibes for different people. While the official first day of summer is June 21, only 10% of individuals consider it the real start of summer. For 37% of people, summer commences when they start dressing for warmer weather, while 36% associate the official start of summer with the first time they turn on their air conditioning. It’s remarkable how these small moments and changes in our routines can symbolize the transition into the sunny season.
That’s it for this week’s Industry Insights. We hope you found these updates intriguing and thought-provoking. Join us again next time for more engaging news and trends from across various industries.
Until then, enjoy the summer vibes and take a moment to appreciate the small joys in life.
Stay curious, stay inspired, and stay tuned!
Your friendly Industry Insights devotee,