Consumer Spending Report for last month shows retail spending is up, a lowering unemployment rate and other factors contribute to growth and marketing directors would be wise to move quickly with new video adverts.
August and September State Of The Economy:
Retail sales up 0.4% last month; August unrevised
Core retail sales jump 0.7%; August gain unrevised at 0.3%
Weekly jobless claims fall 19,000 to 241,000
Continuing claims rise 9,000 to 1.867 million
Receipts at miscellaneous store retailers surged 4.0%, while online sales climbed slightly as well.
"Strong consumer spending in September suggests economic growth in the previous quarter was solidly above trend," said Jeffrey Roach, chief economist at LPL Financial. "Our baseline remains that the Fed will likely cut a quarter of a percent in both November and December."
Spending has been on everyone's mind as many households have been a bit careful coming up to the elections, a feeling of uncertainty in the air often playing out in spending habits. Yet some of the current stats differ from this. "The U.S. consumer still has formidable spending power that they continue to deploy in somewhat more targeted ways," said Scott Anderson, chief U.S. economist at BMO Capital Markets.
People are still making purchases, but in some cases with more frugal products than expensive trips. What does this mean for marketing directors? Hootsuites 2024 Social Media Survey of marketing directors tells us that 52% consider social media presence as one of their top concerns. While brands shift from influencers and more in the direction of running content on their own channels, increasing online and mobile ads prior to Black Friday and Cyber Monday is a no-braining, especially with current retail spending heading up.
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With 6 weeks left until the shopping season reaches its peak, there is still time for e-commerce and consumer goods companies to create and deploy new video promotions. Brainiac Pictures offers Product Videos and Social Media Video Production Campaigns at budget-friendly pricing with fast four to six-week turnaround times.
26% of internet users use social media to find products to buy.
It is true that effective Video Production is key to successful social media and online advertising campaigns when retail spending is hot. For the period from July 2024 through September 2024, total retail sales in the United States rose by 2.3 percent compared to the same timeframe in the previous year showing a stability in consumer spending patterns.
Consumer Spending Report Provides more clues to ad deployment strategies for last quarter
The Consumer SPending Report shows retail trade sales are up by 0.3 percent month-over-month and showed a year-over-year growth of 1.4 percent. Among various categories, nonstore retailers experienced fantastic growth, with sales up by 7.1 percent compared to last year.
Non-essential spending is up while frugality on things such as gas and furniture is more prominent than last year. Consumer Electronics has decreased some, so stronger and bolder ad campaigns may be necessary to rise above the competition during this period's somewhat narrow customer base.
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