In what may be another sign of the post-pandemic blues, data published this week by research firm Antenna showed that growth in streaming service subscriptions in the U.S. dropped by 50% in 2023. Some are saying the boom in streaming is over…or could it be an over-adjustment that will correct itself and return to growth again soon?
Statistics
Declining Inflation Propels Consumer Sentiment Higher & Bodes Well for 2024 Economy
**STORY UPDATED 2/2/24**
NOTE: Scroll down for a brief update – The latest economic data showing lower inflation appears to be finally registering with consumers as the latest preliminary reading of the University of Michigan Index of Consumer Sentiment jumped more than a massive 13% in just one month. This took the index to its highest reading in two-and-a-half years (since July 2021).
See more on the U of M Index of Consumer Sentiment
[Read more…] about Declining Inflation Propels Consumer Sentiment Higher & Bodes Well for 2024 EconomyA First – Data Shows Shipments of Smart Home Devices Dropped in 2022
For the first time since the category has been independently tracked, new data from market research firm International Data Corporation (IDC) shows that global shipments of smart home devices actually declined in 2022. Not only that but while the market researcher predicts that 2023 will see a bit of a rebound overall, its largest segment – Smart TVs – will likely decline again this year.
See the latest data on smart home device shipments
[Read more…] about A First – Data Shows Shipments of Smart Home Devices Dropped in 2022Single-Family Starts in Nov Hit 2-1/2 Year Low
Residential construction of new homes – known as housing starts – continues to register monthly declines as a combination of still-high home prices along with rapidly rising mortgage rates results in collapsing home affordability. While economists continue to debate if and when the U.S. economy enters a recession – it’s clear that housing overall, and the home building segment specifically – is already there.
See the latest data on single-family starts…
[Read more…] about Single-Family Starts in Nov Hit 2-1/2 Year LowVinyl Record Resurgence: Unique to U.S….Or a Global Phenomenon?
By now, data clearly shows that vinyl record sales here in the U.S. have been growing steadily for more than a decade. When initially detected, many thought it was simply a fad… They thought that at first CDs…and then digital downloads…and finally digital streaming would supplant vinyl. Now we know that is just not the case and that vinyl is continuing to grow in importance again to the music industry.
Think this is just a U.S. phenomenon? Think again! A report by the Nikkei in Japan notes the dramatic growth of vinyl sales there, as well.
See more on the growing global influence of vinyl record sales…
[Read more…] about Vinyl Record Resurgence: Unique to U.S….Or a Global Phenomenon?Consumer Sentiment by Income Turns Positive, Especially at Higher Incomes
After 70+ days of declining gas prices and news that inflation has peaked, consumers are feeling a little bit better about things. And that is especially true of wealthier consumers, according to the latest reading from the Morning Consult/Axios Inequality Index – which includes consumer sentiment information broken down by income level.
See this latest reading of consumer sentiment by income
[Read more…] about Consumer Sentiment by Income Turns Positive, Especially at Higher IncomesU.S. Luxury Home Sales Plummet in Biggest Drop Since Onset of Pandemic
In what is likely another sign of the housing market downturn, and perhaps a cooling of the overall economy, sales of luxury homes in the U.S. plummeted in the three-month period that ended in April, according to an analysis by Redfin Corp. as reported by Bloomberg News. The Redfin analysis covered the top 50 metropolitan areas and revealed the largest drop in sales of luxury properties since the onset of the pandemic.
See more on the decline of luxury home sales
[Read more…] about U.S. Luxury Home Sales Plummet in Biggest Drop Since Onset of PandemicNew CEDIA Market Study Offers Useful Data with Some Interesting Twists
For the first time in quite a while, CEDIA released the results of a new market study that helped to illuminate where the market is at today. There were, as usual, some significant surprises presented – perhaps the first was an interesting change in methodology that may perhaps serve to deliver a clearer view of key market data.
See what I found in this latest CEDIA market study…
[Read more…] about New CEDIA Market Study Offers Useful Data with Some Interesting TwistsLet’s Get Physical! Vinyl Sales Up >51%, CD Sales Up for First Time in 17-yrs
Musicians Counterattack, Gain Against the Geeks
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?
See more on physical media clawing its way back into the hearts of consumers
[Read more…] about Let’s Get Physical! Vinyl Sales Up >51%, CD Sales Up for First Time in 17-yrsRed Alert for Multiplex Owners, Almost Half of all Moviegoers are Gone
And Many of Them are Gone for Good
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.”