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Marketing School - Digital Marketing and Online Marketing Tips

Where Consumer Confidence Sits Right Now

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Marketing, Careers, Business

4.61.4K Ratings

🗓️ 4 June 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

In episode #2473, we talk about where consumer confidence sits right now. The global economy has had to adapt to some pretty major events over the past three years, from a worldwide pandemic to the war in Ukraine. And many consumers are feeling the effects of these developments. We discuss the spending habits of different consumers, who we’ve seen adopting a defensive position, and how marketing companies are impacted during a down economy. For all this and more, press play now! TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: Where Consumer Confidence Sits Right Now. [00:30] Observations on current Gen Z spending habits. [01:20] The demographic that has noticeably slowed down their spending since 2022. [01:52] An overview of how companies are doing in the current economy. [04:01] Insight into why many companies are taking on a defensive position. [04:49] Why people tend to cut marketing first during a down economy. [05:18] What rail traffic data can teach us about the state of the economy? [08:19] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! Dentsu Rail Traffic Data - Association of American Railroads Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us:  Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency Twitter @neilpatel  Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:14.6

All right now, and Neil, I came up with this topic because I was at an event last week and there are a lot of YPOs that were there, so a lot of entrepreneurs or operators, owners, and- You mean you were at a YPO last week? So well yeah I was at a YPO event last week. No but no no no it wasn't

0:20.6

just the YPO event because they brought Kia so see a marketing leader, so that's why I said it that way

0:24.8

Yeah, I'm like I got a picture from David. He's like oh, I'm with Eric and we're at a YP event

0:29.6

Yeah, yeah, yeah, it's no there are a lot of marketing leaders there too.

0:32.8

So I met a guy and he runs a company in Canada

0:37.9

where they have hundreds of brick and mortar stores

0:40.0

and they really look at, they sell things that are trending, right?

0:44.8

And so what I mean by that is if you see a product on Tik-Tok,

0:49.1

then, and it seems like a product that a lot of people would buy, well, they would be the first ones that would be on top of it right and so my main point here is and I as I was talking I was like where do you see consumer sentiment right now like what kind of trends do you see and this

1:04.2

guy was like well you know we haven't seen spending slowdown from Gen Z customer so kids

1:11.0

basically right kids to teenagers.

1:13.2

They're spending a bunch because really

1:15.2

they don't have anything to do after school.

1:16.8

And so they have money, they have allowances

1:18.8

and things like that to spend.

1:20.0

Now, where they see spending,

1:21.4

where spending has really dried up ever since 2022 is with moms.

1:26.3

Moms have stopped spending. They're taking a defensive position just like companies are taking a defensive

1:30.6

position. So largely that's interesting to me because the adults have stopped

1:35.5

spending at least and I think when Neil I talk on the phone we're just like that's our sense too looking

1:40.8

at agency data looking at clients and all that and even talking to friends it

1:44.3

feels like everyone's playing defense and so I thought that was an interesting data point to kind of

...

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