Also inside this week: Minimalism, memes, and millennials’ idea of self-care.
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on the dot

12 April 2023

Hi folks,

 

Ready for Tax Day, USA? Don’t worry, there’s still some time left. With the economic slowdown in full effect, we’re filling in the blanks on how consumers feel about their finances, what that means for summer vacation, and which app is making it easier for content creators to earn more moolah. 

 

Scroll down to read more about Barbie, AI-generated videos, and Substack’s new Twitter-like feature. 

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Stats to power your week

🧾 Inflation may be impacting Americans’ attitudes toward money management. Since Q3 2022, there’s been a 9% increase in people who disagree with the statement ā€œI’m good at managing moneyā€.  (GWI USA)

 

ā—»ļø Minimalism is in, showing off is out. Since 2021, there’s been a 13% drop in Americans saying they like to be the center of attention. As consumers’ future outlook continues to impact their aesthetic preferences and brand expectations, people who continue to spend despite inflation will be much more discreet about their purchases. (GWI USA)

 

šŸ’° As young consumers look for ways to de-stress, they might be dipping into their wallets more often. In the US, Gen Z and millennials are 33% more likely than the average American to think of products they can buy when they hear ā€œself-careā€. (GWI USA Plus) 

 

šŸ“± In a world where speed and convenience are becoming the norm, how we search for information may be shifting in a new direction. 68% of ChatGPT users say they would consistently use it over a search engine to answer questions. (GWI Zeitgeist) 

 

ā˜€ļø Bad news for people who live vicariously through sunny selfies on their socials – financial concerns are also impacting summer vacation plans. There’s been a 17% decrease in the number of domestic travelers who say they’ve booked accommodation for some/all of their trips in the next 12 months.   

(GWI Travel)


šŸ•¹ Gaming frequency has increased, with 29% of gamers saying they play video games every day. Today’s gamers feel more engaged, but it could be gaming’s changing place in media that’s getting older demographics in on the fun. We’ve seen an 8% increase in 35-44 year-olds playing every day since Q2 2022. (GWI Gaming)

What’s on our radar

AI is expanding into video generation by instantly creating videos from a single prompt. So far the videos are only a few seconds long, but as AI programs continue to rapidly progress they may venture into long-form content. 

 

Signaling another shift away from the metaverse, Meta plans to focus on generative AI that will create text, draw pictures, and other media. 

 

Substack has released its own Twitter-like service allowing users to send notes, which can include short bits of text, images, and videos. Let the hot takes begin.

 

The combining forces of UFC and WWE are set to take center stage as heavyweight champions of sports entertainment. Too bad The Rock will be busy with Moana. 

 

Australian skincare brand Aesop was purchased by L’Oreal last week in hopes that the brand could increase its reach to consumers in China. 

 

TikTok has rolled out an affiliate program for US creators that lets them earn more money through the app. 

 

The Barbie movie went viral this week with its newest meme-centric ad campaign, making it relatable for women everywhere. 

 

Google is promising to add conversational AI to its platform in the future. Competing with ChatGPT and other AI programs, this pivotal move shows how online search is set to change drastically. 

 

PepsiCo is using AI to help generate new product lines. Who knows what flavors it’ll come up with next.

Chart of the week

FY2404_GL_IMG_OTD15_Chart

As Americans tackle ongoing crisis fatigue and an uncertain economic outlook, other aspirations are slowing down. Year-on-year there’s been a significant drop in people saying they most want brands to improve their status, making it one of the fastest-dropping initiatives right now. Brands that track and tweak their strategies as they go along will be able to connect with consumers balancing between where they’ll spend or save. 

Get more from GWI

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