TopLine Business Acumen Early Advance June 5, 2022 edition
This week’s most engaging stories
TopLine’s Business Acumen Series features business trends and opportunities to help sales professionals prospect and engage clients. It’s updated several times daily within TopLine. This early advance features some of the coming week’s top stories.
Consumers Need Gear for Outdoor Adventures
According to civicscience.com, 69% of surveyed consumers are planning for outdoor sports or recreational activities this year. The top activities respondents plan for are hiking, hunting, fishing, boating, camping, and biking. Younger consumers intend to spend more on outdoor clothing and gear; in the next three months, 44% of surveyed Adults 18-24 and 39% of Adults 25-34 plan to spend $100 or more. 50% of consumers said they’re likely to buy outdoor gear online, up by 11% from 2019.
How can you help outdoor retailers increase sales this year? How can you help outdoor gear and apparel retailers reach younger consumers and online shoppers?
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Summer 2022 Alcohol Trends: What Are Consumers Looking For?
In recent years, alcohol consumers have been embracing new beverages and have even started to try out no- and low-ABV alternatives. According to Nielsen and ISWR reports, “non-alcoholic beverage sales increased 33% to $331 million over the last 52 weeks,” and this “category is expected to expand to 35% by 2023.”
In addition, hard seltzers continue to be wildly popular, and other spiked beverages, including hard kombucha and hard iced tea, have been flying off the shelves. The 4th of July is considered one of the year’s “biggest drinking holidays” that many businesses are already preparing for.
What kinds of businesses in your area (liquor stores, breweries, wineries, etc.) are in the market to carry or create these popular beverages? How can you connect them to consumers?
Metaverse Utilization is Growing with Big Restaurant Brands
Some big chains are diving into the metaverse instead of just dipping their toe. Pizza Hut and Jimmy John’s have announced real-world incentives for interacting with their metaverse experiments. Yum Brands (Pizza Hut) offers NFTs to those who interact with them, which could reward users with free pizza for a year. Jimmy John’s has users create “Metasandwiches” that could become a limited-time sandwich item in real life on the Jimmy John’s menu. Wendy’s opened a virtual restaurant in Meta’s Horizon Worlds, which reached 52 million users. Because of its growing volume of users, the metaverse can be an excellent way to reach more potential customers.
Do you reach restaurant operators? Can you help them hop on new virtual trends?
Despite a Possible Recession Looming, Companies are Still Hiring
According to CNN, hiring continued to boom in May. This is surprising given high inflation and looming worries of a recession. While the Bureau of Labor Statistics hasn’t yet published its report for last month, a Refinitiv survey of economists estimated that around 350,000 jobs were added in May. The consensus amongst those same economists forecasts an unemployment rate of 3.5%, which would be a new record low since we’ve been in the pandemic.
A recession could be on its way as the gross domestic product decreased in the first three months of 2022. A recession is defined as two consecutive quarters of GDP decreases, which doesn’t seem too far off right now. Strangely enough, hiring is still booming for businesses, despite shrinking job markets which can be a telltale sign of a recession.
Do you know any businesses that are hiring? How can you help them hire while it still makes sense for them to do so?