Strategy in TECH...
A new analysis that correlates consumer confidence by income level has produced a shocking red flag for any business that offers goods and services to the luxury customer – as do many custom integrators. Fire up your sensors and watch closely to see if clients in your market are subject to this alarming trend.
With COVID now seemingly in decline, on Monday Google employees (Googlers?) began the process of returning to work at the company’s various headquarter and other office locations around the country. The company is requiring they work at least three days a week in the office, continuing to work remotely for the other two.
Google is hardly alone in pulling employees back to the office, Apple employees return next week and most major companies have announced dates for office life to begin again. Will this kill remote work and have an impact on the custom integration business?
For three straight months now, consumer sentiment has declined as the world faces war in Europe, soaring global gas prices, price inflation on a wide range of consumer goods, and lingering supply chain issues. As measured by the widely followed University of Michigan Index of Consumer Sentiment released earlier this month, the index is nearing its lowest level in 11-years.
In the latest report from the music world, we learned two surprising facts: First, for the first time in 17-years, retail sales of physical compact discs actually increased. And second, for the first time since 1991, vinyl records are the most popular physical media format. It’s big news and much of the media – even mainstream news outlets like CNN – reported on this development. It appears to be part of a surprising swing by consumers back to physical media, as sales of vinyl records in 2021 saw a stunning year-over-year increase of 51.4% – the biggest increase of ANY format, physical or streaming.
What the heck is going on here?
Remember back in 2020 when as the stressful year unfolded, we would wistfully daydream about the day when this coronavirus pandemic would come to an end and we’d get “back to normal?” We thought that would happen, like, in 2021. Then 2021 came along and the deadly Delta variant of COVID-19 emerged. “Normal” had eluded us once again.
Enter Omicron which looks to complicate 2022. I think it’s time to forget about getting back to what used to be normal and make sure you and your company are ready for a new “normal”…
Market researchers are sounding the alarm as new research indicates that almost half of all moviegoers are no longer buying tickets to see movies at the theater. They say theater owners must “‘urgently’ rethink the experience.”
In a recent interview in a business newsletter, James Harris of the reality TV show Million Dollar Listing chatted about the latest trends in the luxury home market. The interview offered some interesting insights on the most desired amenities by today’s luxury home buyer, aka the primary target client for most custom integrators. Of the long list of available options, wellness is said to top the list as today’s most desired amenity.
While there’s no question that the economy continues to expand, certain indicators are sending chills down economists’ spines – and the latest Consumer Confidence Index is one of those indicators. According to the latest data from The Conference Board (TCB), the Consumer Confidence Index (CCI) declined in November in a sign that consumers’ attitudes about the economy are turning cold.
In spite of the fact that the economy is continuing to grow as it powers away from the days of COVID shutdowns, a preliminary November reading of consumer sentiment shows a dramatic drop to a 10-year low, as consumers fret about growing inflation. While economists have long warned that transitory inflation would be a temporary part of our overall economic recovery, consumers are clearly concerned that this inflation may be hanging around for a while and it is already crimping their lifestyle.
Last Friday, Amazon founder and now former CEO Jeff Bezos woke up the richest man in the world. He has been the richest man in the world for quite some time now. Yet when he went to bed Friday evening, he was no longer. And the reason that’s so should serve as a warning to you and all of us in the tech biz in 2021.
