It’s the last full week in July, and it’s been a HOT summer. Summer means vacation for many. Nearly 63% of American adults are expected to travel this summer, representing ~163 million travelers.
Summer vacation also means shifting buying patterns. Here are a few nuggets on summer spending (and how to inspire purchases during the dog days of summer).
- After signs of improving economic sentiment in the spring, consumer spending seems to be in a summer slump. Across age and income groups, American consumers continue to spend less than they did a year prior — except on travel. Real year-over-year spending has declined for the third month in a row, while for the first time in more than two years, nominal spending growth is now negative as well.
- The 'summer vacation attitude' can make shoppers feel more relaxed and more likely to make purchases without as much research or consideration. In summer, there's also a trend toward more self-indulgent spending, including more impulse buys. Being top-of-mind is important; think mobile and social marketing to make your brand top-of-mind (Need help? IGA has a media buying program to get your store in front of mobile users and a social media program to manage your store's social platforms).
- The sunny days of summer are good for local businesses. People are more likely to leave the house and get into the community. When you shop with a local business, you create jobs in your community. In fact, for every $100 you spend at a locally owned store, $68 returns to the community through taxes, payroll, and other expenditures. Compared to only $43 of each $100 spent at a national chain store. Local shopping supports the local economy and creates a stronger, more vibrant community.
Happy travels (and shopping)!
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