For the third time, Audigent has analyzed millions of digital demand signals to provide a view into the evolving buying habits as macroeconomic factors continue to impact the brand and retail environment. For this analysis, we analyzed over two million in-market users over the three-month period popular for back-to-school shopping (May to July). We focused on this period because it often also provides an early indication of holiday shopping trends. This is a continuation of the data series that has been featured in MediaPost. Today we share a few interesting insights, ahead of the release of the broader report later this month.
In-person activities are back and we are seeing dramatic increases in demand across different sectors.
Trend #1: Back to In-Person
Event Tickets/Concert & Music Festival Tickets increased 111.87%
Sports & Fitness/Fitness Products & Services/Gyms & Athletic Clubs increased 105.30%
This Summer ushered in a return to in-person events and activities after the highly restricted environments of 2021 and 2020. After concert postponements and cancellations, there have been a number of big tickets from legendary acts like Coldplay and Dave Matthews Band. Live Nation reported that it sold a record-breaking 2.2 million+ tickets for more than 4,000 shows during its “Concert Week” from May 4th to 10th, surpassing the prior record from 2019. Music fans are clearly willing to pay and show up for their favorite acts this year and more broadly speaking, people are ready for live events.
Gyms and athletic clubs have gained momentum two+ years after the pandemic started. In the New Consumer Trends report, which surveyed more than 3,000 US consumers, most people who exercise still want gym access despite the spike in home fitness equipment and streaming classes. Fitness, like work, has gone hybrid, with some consumers craving a blend of at-home and gym-based workouts. 59% of survey respondents plan to spend at least part of their time working out in a gym or fitness studio.
Trend #2 Time to Watch the Grass Grow
Home & Garden/Outdoor Items/Lawn Mowers went down -51.41%. This was true across demographics, including women ages 25 to 34 (-61.02%), 35 to 44 (-80.44%) and 45 to 54 (-74.97%) and males ages 25 to 34 (-55.12%).
In line with the cheeky trend title, people are not ditching yard maintenance—they just seem to be outsourcing more of it. That means fewer purchases. The landscaping and gardening services market size is expected to grow at a CAGR of 5.13% by 2026. The residential segment is expected to contribute the highest market share growth between 2021 and 2026. Boomers in particular are driving this growth. Our data certainly confirms this trend, with a decrease of -55.28% across both males and females ages 55 to 65+.
Our data analysts are seeing a host of expected and unexpected trends in the data. More trends to come.