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It’s that time of year. We start thinking about YTD – are we on track for goals? What have we accomplished?

Try to take a little break from all of that ringing in your brain and give this (new!) song by the Rolling Stones a listen as we see what the experts are saying this week.

2023: The Year of Emotional Well-Being?

Seems like John Dick from Civic Science might be right. Even in a desperate state of persistent inflation, rising interest rates, and economic headwinds, there’s a distinct desire (either conscious or unconscious) to feel better – at any cost. We’ve seen this reflected in explosive prestige beauty sales, record vacations taken this summer, and a continued “urge to splurge.”

According to the research, well-being almost singularly explains these unprecedented trade-off patterns from consumers. It’s not just a shift from goods to experiences – it’s that the two are becoming less distinguishable. Even with high inflation concerns, we tend to spend more on premium food ingredients and less on things like iodized salt or storage bags. Cooking quality meals makes people feel good; Ziplocs don’t!

Some other interesting findings from the research:

  • Consumer confidence is worsening (but not enough to disrupt the well-being trend… yet!)
  • Early-bird holiday shopping is beginning to lag 2022
  • Extreme weather is taking people’s attention and impacting travel plans

How does this impact B2B? The trend we’re seeing of goods and experiences becoming conflated isn’t exclusive to B2C. The rain keeps beating on the window pane and it won’t let up – the two will only keep getting more and more intertwined. So maybe it’s time to figure out how to sell your goods AS experiences!

Better Late Than Never?

The Rolling Stones have announced details of their first album of new songs in nearly two decades, entitled Hackney Diamonds. In today’s streaming world of releasing songs vs. albums, waiting two decades for new music seems crazy, right? But it IS the Rolling Stones…

What do you think? What did you think of their first song released (“Angry”)? I don’t think anyone is expecting them to create any more rock classics, but maybe they just want to go out in a blaze.

But do fans even WANT new music? The Who have made it clear that they won’t release any new albums. According to singer Roger Daltrey, fans are most interested in their classics, so they’re focusing on touring instead, giving the fans what they want.

It will be interesting to see the response to the Stones’ new album. And who knows… maybe it’ll even change Daltrey’s mind!

As always, don’t hesitate to call me to brainstorm or just say hello!

Looking forward,
Rick

Rick Endrulat, President | ricke@v-causeway.com | www.linkedin.com/in/rickendrulat