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Digital Strategy for Current Spending Trends

A few months ago it was reported that laser eye corrective surgery was seeing an uptick in numbers. The reason? It was mainly reported that people who typically spend money on travel no longer have that outlet so they’re finding other places. Plus they have time to get it done now that other commitments have waned. This can be seen in other “self-improvement” spending trends as well.

Here’s another uptick that was recently spotted: pickup truck purchases. A study by CarGurus found that among those that bought a truck this year, 26% had not planned to before. Their reason? For the millennials or Gen Z (that same group that likes to travel big) the top two reasons were to make road trips, and because they wanted to treat themselves. And speaking of purchases, let’s not forget the increase of online buying and delivery services that are not going away anytime soon.

Staying aware of both spending habits and buying methods this year can help position your brand to offer services and products in a way that your audience will be most receptive. It’s easy to guess that soap and cleaning supplies have gone up this year, but did you know hair color was up while other cosmetics were down? Or that roller skates were an item suppliers couldn’t keep in stock this summer? 

Although the panic-buying of earlier this year has eased, the focus on at-home products and entertainment is forecasted to continue. And that includes how and where things are being purchased. Whether it’s because people are working from home, staying away from stores for health reasons, or shifting activities due to budget restraints, everything related to “at-home life” is key right now. And updating your messaging to show understanding is key to staying with the trends. 

As JP Morgan reported in September, although some categories and markets are down, the e-commerce part of their business has been up. L’Oreal is one example of this, with media and e-commerce sales seeing double digit increases from Q1 to Q2 of this year. 

In strategizing for your own brand, some useful questions to ask would be where you can fit into these trends. Can you advance your digital options to reach those who are buying from their couch? Is your current website user-friendly and efficient for online shopping and navigation? How can your services be positioned to draw in those with disposable incomes who would typically be traveling or attending live events? 

For marketing, are you emphasizing the positives that people are looking for right now? Is your media spend taking advantage of keywords your customers are searching for, and sites they are spending the most time on (e.g., social media platforms). Keeping these top of mind through the coming months can help your business take advantage of trends and boost customer interaction and purchase.