TopLine Business Acumen Series Digest: March 21, 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 digest features some of the week’s top stories.
2022 Is a Strong Year for Home Remodeling
The pandemic and current housing market have resulted in an uptick in home improvement expenditures! Over half of homeowners plan to use more discretional income on home upgrades this year, according to Lowe’s 2022 State of the Pro Report. Of homeowners:
- 75% view their homes as a long-term investment NOW, more than ever.
- 74% see home improvements as a way to improve the value of their home.
- 64% say the pandemic increased their desire to make the most out of their home.
- 50% say home upgrades are needed to keep up with the housing market.
- 46% plan to hire a professional this year.
Can you help home improvement businesses reach home remodelers?
Latest Resources from TopLine
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Russian Diamond Ban to Create Shortage in the US
The Russian invasion of Ukraine has had a global impact on many industries. The jewelry and diamond industry is no exception. The President issued an order that bans certain imports coming in from Russia. One of these products is nonindustrial diamonds. This ban targets the mining company Alrosa, which the Russian Government has part ownership. The company is also responsible for 90% of Russia’s mining capacity. The United States is hoping the ban on their diamonds will be a way of stopping the financial contributions to the invasion. This could cause shortages and prices to go up for diamonds.
Do you know of jewelers that offer good prices on diamonds or other alternatives? Can you connect them with diamond jewelry shoppers?
Gen Z and Millennials Have Plans to Job Hunt
The job market is still hot, with unemployment almost nearly pre-pandemic levels and more being added this year. While more than half of Americans plan to look for new jobs in 2022, younger workers are even more likely to change positions. From Grow, “That figure shoots up for younger workers, as 3 in 5 Millennials and 4 in 5 Gen Zers say they’re at least somewhat likely to look for new employment this year, according to the survey.” In the search, workers want more flexible hours, remote work, and better benefits.
How are companies attracting younger talent right now?
Inflation Is Projected to Permanently Increase Health Expenses
Inflation will likely pose problems for retirees in the future, according to a study by HealthView Services. They recently estimated that inflation will boost health expenses by nearly 12% annually over the next two years, and it will stay there. For an elderly couple, this amounts to $85,917 more they would have to spend to keep pace with inflation. If the couple is only ages 45 years old, this number jumps to $259,808 in extra costs.
If you are worried about affording health costs after retirement, Money.com recommends you take another look at 401(k) options and a health savings account (HSA). With an HSA, you don’t have to pay taxes to put money into the account, and you can also take out money without tax! The primary purpose of this account is for investing. Also, shopping around for proper health insurance or long-term care coverage can help.
Do you know any brokers or insurance agents? Can they reach people who need the tools to save on health care after retirement?