Recently in the office we had a conversation surrounding the economy, and how things seem like they might possibly be turning around. One reason we came up with for WHY it could be turning around was something said in jest, but might hold some truth. Are Americans just sick and tired of being frugal, saving money and fearing tomorrow?
Here in the U S of A we have a worldwide reputation for loving life in excess. The past couple of years of everyone trying to live like they’re college freshman again just doesn’t fit our style. With many companies engaging consumers early and often for Black Friday, the pot boiled over and we showed our true colors again. From a recent article on WSJ.com, “According to the National Retail Federation, a record 226 million shoppers hit the stores and websites over Black Friday weekend, with the average shopper spending 9.3% more to about $400 and pushing the total spending to a record $52.4 billion. ” Even the following Monday was strong, as seen in this Washington Post article, “Online sales rose 22 percent to $1.25 billion on “Cyber Monday,” when retailers ramp up online promotions, according to research firm comScore Inc. That makes it the biggest online shopping day ever, the research firm said. A year ago, “Cyber Monday” sales topped $1 billion for the first time.”
Americans love having the newest, coolest products and services (see items like iPhone 4s sales)!
Those in B2B companies that do not feel this represents them, read this. Trade shows are very important for B2B companies, and despite positive ROI, we acknowledge that trade shows do have a heavy cost associated with them. Here is the kicker, the Center for Exhibition Industry Research just came out with a press release showing that the trade show industry has improved for five consecutive quarters, and continues to outperform real GDP. Maybe those same consumers that are spending at home, are bringing that great American (spending) spirit to work.
What does this all mean? Well, its time to rev up the marketing effort. If people want to buy, be the one showing them something they can buy. Its as good of a time to get back into it as it has been in years.
I know the economy is not where it once was, and that we still have a long way to go, but as I sit here about to open a package of something I ordered on Black Friday, I’m more hopeful than ever.
Author: Chase Howells
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