WJR Business Beat

Moms make over 70% of all household purchases. Mothers in the US spend over twice as much time on Facebook and Facebook Messenger than they do on TikTok, that according to September ComScore data, 93.3% of US mothers are on social media. Those of us who are in business and are focused on making sales better be focused on getting the attention of moms.

As reported by Axios Detroit, Michigan's outdoor recreation industry pumped $13.9B into the state's economy last year. In addition to the tourism activities associated w/ the state's recreational sector, it's the production, the warehousing, the shipping of outdoor recreation specific goods, the jobs in those businesses, for example, from the manufacturing of boats, outdoor apparel, and even fly lines for fly fishing.

While we scramble to make those last minute purchases, retailers will be ringing those cash registers as an estimated 157 million consumers plan to still shop on the last Saturday before Christmas according to the annual survey released this week by the National Retail Federation.

The Snowflake Startup Challenge, for early stage startups that are building innovative applications and products, is open. Powered by Snowflake's AI Data Cloud, the winner and finalists receive up to a million dollars in investments from Snowflake and mentorship from industry leaders at New York Stock Exchange. Deadline to apply is March 1st, 2025. Go to snowflake.com/challenge

AI is playing a major role this year as Salesforce reports that AI will influence as much as $200 billion in sales as retailers have increased their use of generative AI and chatbot agents, and that's a 23% week over week increase just since Cyber Monday.

Latest workforce trend known as revenge quitting, when workers who feel particularly burned out or frustrated may be more likely to quit w/ little regard to whether they leave on good terms w/ their employee or not. A recent report on workplace trends for 2025 by Glassdoor noted that a wave of revenge quitting is on the horizon. What's an employer to do? Take extra care to ensure a strong company culture in which employees feel appreciated, wanted, and heard.

Ryan Goff, Executive VP Chief Marketing Officer and Social Media Marketing Director at MGH said, content creators and businesses alike should take note of the opportunity the TikTok platform presents. The impact of compelling content and reviews have on purchasing decisions as we dive head first into the competitive holiday season. So if you're a merchant looking for a way to create awareness and drive direct sales, look to social media platforms like TikTok and others to do just that this holiday season

Adobe Analytics measured the impact of marketing investments this season. Consumers spent an overall $6.1 billion online on Thanksgiving Day, up 8.8% year over year. Mobile shopping hit highs on Thanksgiving Day, reaching 59.5% of all online sales, which represents $3.6 billion in online spending via mobile, up 10.5% year over year. The process of optimizing your site on mobile has never been easier as an endless array of tools and resources at your fingertips these days to do just that.

New data from E-marketer highlights the total return value to reach $931 billion this year. That's a 2% increase over 2023 and 81% of US digital shoppers review return policies before making a purchase with a merchant for the first time, and 73% agree that a poor returns experience impacts their decision to shop with a merchant in the future.

AAA announced 8 million people will travel 50 miles or more from their homes over the Thanksgiving travel period. AAA predicts that about 1.7 million more people are expected to travel for Thanksgiving than in 2023. 72M people plan to drive this Thanksgiving holiday while gas prices are comparatively lower to what they were in 2023. Air travel is expected to set records as well with about 5.84 million people flying domestically for the holiday. Up 11% over 2019. Cruises are getting in on the action with increases, nearly 2.3 million people have opted to take a cruise during the Thanksgiving holiday period.

66% of US plan to shop on Black Friday while projections indicate that consumers plan to spend an average of $650 per person this year, up 15% from last year. I. Most will be using creative financing to make many of their purchases. Brian McCarthy, principal of Deloitte Consulting says this about the Deloitte report. This year we have a shorter holiday shopping season w/ Thanksgiving coming late. That combined with a deal focused consumer, means we expect holiday shoppers to spend big during Black Friday through Cyber Monday promotions.

Entries must complete eligible courses or events before December 13th, 2024, and you must submit your application on or before December 13th, 2024. This year, the program will award over a hundred business grants as part of their goal to reach 1 million small businesses by 2030. To learn more and apply, go to digitalready.verizon wireless.com/grants. You can also learn more about the program at startupnation.com

Edison Research study reinforces radio not just as the leading ad supported audio platform, but as the undisputed champ of all audio in the US from Q4 2023 through Q3 2024, across demographics, young to old, including millennials and Gen Z.

Where can we get news and information we can count on being accurate and unbiased? Local newspapers and local TV stations. The most trusted news source in the country today, judged by a study from America's Newspapers conducted by Code of Ventures. Being transparent and unbiased in reporting, 61% say that's most important.

Survey by Bank of America's, Money Habits, financial education team shows more than half, 54% of Gen Zers age 18 to 27 receive financial assistance to make ends meet, 46% rely on their parents or family, 9% rely on assistance from the government. Gen Zers who receive financial assistance, use the money they get to help pay for groceries and toiletries, rent, utilities, phone plan, health insurance, payments, etc.

BNPL gaining popularity? Top reason, shoppers can better manage their finances. Parents surveyed indicate that they are using the option to make pricey purchases for their children by dividing the costs over time. 37% used it to take advantage of low or no interest rates associated with BMPL use.

eBay's research between July 7th and July 16th with a sample of 3000 holiday shoppers to learn more about what consumers like and dislike about the wash of ads this time of year, including estimates of how ads influence buying decisions. Key takeaway: 21% of consumers said holiday time advertisements help them find the best gifts, and the data shows that Gen Z and young millennials are even more likely to be influenced positively by advertising.

Gen Z, worth around $360B in buying power in the US, and $450B globally. You can find Gen Z buyers to influence them and ultimately make sales to them on YouTube, where approximately 90% of the Gen Z population checks in at least once per month. Next, favorite platform is Instagram.

Podcasts provide an incredibly unique experience because they are sought after by audiences rather than served to them. This means that every single touchpoint a listener has with a podcast is entirely intentional. Thinking of new ways to promote your business or product. Podcast advertising now commands serious consideration.

Murray Warnoff, director of Research at Ad Taxi, says, social media platforms are now the key for digital marketers looking to reach a variety of demographics regardless of gender, age, or income level. The frequency w/ which they participate and the time they spend doing so is increasing, and that helps influence the sale of products and services. People engaging on these platforms are now directly driving sales as 68% of adult consumers say they've purchased something directly through a social media platform.