Summer Fun: Data-Driven Guide to Navigating Your Summer
Summer is here and in full summer mode. Whether you’re on vacation or covering for someone on vacation, sit back, relax, and take a moment to see what this summer’s trends are and how they might be impacting your business.
Hot, Hot, Hot Data
Have you found yourself sitting on your porch exclaiming that this is the hottest summer ever?! You would be correct. According to Climate Central the planet has been gradually increasing year after year. In fact, “16 of the 17 hottest years on record have occurred this century,” reports Climate Central.org.
Get up to speed on your investments in sun umbrellas, swim suits, and pool supplies— the heat is here to stay. It is having an impact on consumer and summer trends that have been changing over the past years.
I Scream for Ice Cream
This heat is warming up markets. We all know the best way to cool down on a hot day is ice cream. It’s not only store sales that are impacted but, the sales of packaged ice cream rose 6.5% in the last year according to dairyfoods.com .
Ice cream isn’t the only industry tied to the sun that is increasing; Sun Care products are also on the rise. According to The Global Industry Analysts, Inc. the Sun Care Products industry is projected to reach $11.1 billion by 2020. Currently the largest market worldwide is Europe. The biggest upcoming markets are Asia Pacific, United States, and Latin America. Latin America has a projected sales growth of 10.2% through 2020.
These are just two industry examples of growing markets. It’s not just about the right market at the right time though, it’s also about how consumers are finding and buying.
Website Traffic Summer Blues?
While road traffic is getting increasingly worse every year (in congested cities it is growing by 15 minutes on the daily commute every year) your website traffic may be slowing down these summer months. With recent retail trends like the Retail Meltdown of 2017, there are a lot of opportunities to act upon with online shopping. More importantly, companies need to make sure they are capitalizing on their approach to mobile shopping. It will have a large impact on purchasing trends moving forward.
Not only are consumers online and mobile driven but also they are more informed. Be ready for customers who do all their prep work before larger purchases online as well as competitive shopping. Gone are the days where poor customer service can be swept under the rug with online reviews. There is increasing importance on product experts to provide product comparisons laid out for consumers.
Summer Job Money
Not all industries have a summer rain cloud over them. Overall consumer product purchases may be down but restaurants and travel are booming.
Hotel occupancy is booming. Domestic airlines have flown more passengers each year since 2010, and last year U.S. airlines set a record, with 823 million passengers. The rise of restaurants is even more dramatic. Since 2005, sales at “food services and drinking places” have grown twice as fast as all other retail spending. In 2016, for the first time ever, Americans spent more money in restaurants and bars than at grocery stores. according to The Atlantic.
We’ll see dramatic shifts moving forward in all industries, for some companies it will be sink or swim.
Planes, Trains, and Automobiles
On the other side of traffic gridlock issues, there is currently a booming tourism industry, making it important to know this year travel trends. There are seven that TrekkSoft points out for a successful tourism business: Millennials, Active & Adventure Trips, Female Solo Travel, Food Tourism, Responsible Tourism, Mobile Photography, and Business and Leisure Travel (“bleisure”).
Millennials are “officially the largest generation in history, beating out Baby Boomers.” They also have disposable income and love to travel. Expect them to share their opinions on travel online, and to do their travel research online.
Also, expect travel to be driven by how ‘Instagram worthy’ it is. Whether a destination is notable for its natural beauty or hotel beauty, expect popularity to grow through mobile pictures.
Happy summer, safe travels, and stay cool!