You may have noticed, in the past few weeks, we’ve been publishing a comprehensive report with insights to help you navigate this new normal. While we summarize the trends in 12 industry sectors, we recognize that these are not just headlines and statistics. We see individual businesses and more importantly, the people behind them, responding with humanity, creativity, solidarity and resilience.
When the meticulously crafted plans, playbooks and metrics are forced out of the window, marketers are facing a blank canvas, to reset and become human again. As a result of this new reality, brands are digging deep to engage with not just “consumers”, but people craving connection - an ethos close to our heart: stop marketing AT, start mattering TO. And it’s taking shape in unexpected ways: sharing a coveted cookie recipe, bringing art, culture and small joys to our sweatpants routine, taking care of the vulnerable and the selfless ones…in them, we see hope.
Here are a few industries that experienced noteworthy shifts this past week. We would also like to highlight a number of businesses in these verticals that inspired us most with their actions.
Consumer Goods:
While grocery spending remains high, the “extreme” buying peak has fallen, although the average household grocery spend remains elevated. While overall foot traffic continued to decrease as the stores tighten the capacity and store-hour limitations to reinforce social distancing, the rate of decline seemed to slow down in the most recent week.
Inspiration: Dove, Nestle, Hormel Foods (read more about their actions on page 116)
Financial Services:
Net trading within 401(k) accounts spikes to record highs, while the mortgage industry watches applications drop and relief requests jump to highs that could leave services with a liquidity shortfall of as much as $100B in the next nine months.
Inspiration: Kabbage, Citi, Mastercard (read more about their actions on page 78)
High-Tech & B2B:
B2B technology brands, particularly those offering diversified cloud services, field increased YoY demand as the pandemic progresses, while tech hardware supply chain concerns arise. The pandemic is also accelerating the development and commercialization of several emerging technologies such as: Delivery Drones, Telemedicine, Biometrics, Computer Vision and Thermal Imaging, 5G Connectivity, Social Virtual Reality, Voice Tech and Smart Homes.
Inspiration: Apple + Google, Twitch, AWS (read more about their actions on page 105)
Luxury & Beauty:
Fashion executives remain focused on crisis management as retail is hit hard, and planning an eventual shift to a reimagined industry, while bracing for consumer behavior and spending shifts caused by both the pandemic and oncoming recession.
Inspiration: Hermes, Schwarzkopf, Lily Pulizer (read more about their actions on page 100)
Media & Entertainment:
Shelter-in-place orders continue to drive streaming service subscriber growth. Disney has hit 50M paid subscribers globally, beating Netflix for most US downloads in 2020 so far, while Netflix still leads the pack with 167MM subscribers globally. Quibi’s had an impressive first week with 1.14MM downloads, but it was no match for Disney+’s 12.5MM downloads in their debut week.
Inspiration: Sesame Street, Spotify, Snapchat (read more about their actions on page 83)
Travel & Hospitality:
As travel continues its precipitous decline, US airlines lobby to rewrite the CORSIA carbon deal in light of the pandemic. Analysts estimate it may take up to five years for travel and passenger numbers to return to 2019 numbers.
Inspiration: Airbnb, DoubleTree Hotel, Jamaica Tourist Board (read more about their actions on page 87)
View the full industry vertical insights and implications report to go deeper on your specific industry, starting on page 76.