In a recent article in Inside Radio, BIA Advisory Services reported on three ad categories that are expected to do well this holiday season. These are jewelry, restaurants, and movies. In describing the trend, BIA stated:
“The most important change and trend that we have seen develop and deepen during 2023 is the shift in consumer spending from ‘material to ‘experiential,’” says Nicole Ovadia, VP of Forecasting at BIA Advisory Services. Despite inflation, credit card debt is up for the average American household, driven by a post-pandemic desire for memory-making experiences. Says Ovadia, “Consumers are not willing to go into debt for just anything – they want an experience to remember, and they are willing to splurge for it.”
You can see BIA’s analysis in Inside Radio here.