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Hawke Media Special Report: August 12, 2020 | Blog | Hawke Media

hawke-media-special-report:-august-12,-2020-|-blog-|-hawke-media

As November approaches, it’s important that every American with the ability to vote exercises their right to vote. 

This year’s presidential election on Tuesday, November 3, 2020, will present one of the most challenging logistically since the 1918 mid-terms in the midst of the Spanish Flu. COVID-19 will very likely still be a reality and many voters won’t feel safe heading to the polls in addition to the shortage of poll workers since many are part of high-risk populations.

If you’re young and able, consider volunteering to become a poll worker to help others cast their ballot. 

For those worried about reaching the polls safely, consider a safer alternative like applying for a mail-in ballot as some 76% of voters are eligible to receive their voting materials by mail this cycle. 

Your state may offer various options for returning your ballot if you’re concerned about your absentee or mail-in vote being counted properly, like, turning it in at a designated drop-off point, handing it in at a polling station, or mailing it back well ahead of the election.

To find more information on your voting options, check out this resource.

Consumer Trends

Breaking Down Demographics

By Age Group

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Source: Visa

  • Younger consumers are increasingly more interested in shopping at businesses that align with their values.
  • While Boomers have wealth and financial stability, Millennials and high-income shoppers are spending the most money online. Know your audience.

By Income

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Source: McKinsey & Company
  • Consumer behaviors have high levels of variability based on income level and how they’ve been impacted by the pandemic.
  • Those whose patterns were affected most are those who are “uprooted and underemployed,” meaning they are financially unstable and have tailored their spending towards essentials.
  • Interestingly, retirees have seen little impact on their habits. 

Spending

Source: Visa
  • Consumers are adjusting their preferences as nearly 63% across all regions say they’d rather shop at a business with contactless payment options.
  • For 46% of global consumers, contactless payments are the most important factor in shopping decisions.

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Source: McKinsey & Company
  • While supply chains have been stretched to their limits during the pandemic, new customers have a strong preference toward products that are in stock and available near the item they were searching for.
  • Make sure your product is a visible alternative to a brand that has bigger market share and recognition, but is out of stock like cleaners and paper products.

Spotlight: Residential Real Estate

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Source: Fannie Mae
  • Buyers have been spooked by the market because of financial insecurity and health concerns, among other reasons.
  • Google searches for “process of buying a house” have skyrocketed 950%, which signals that there is clearly interest and apprehension.

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Source: CNBC
  • Despite waning sentiment, single-family home mortgage applications continue to increase.

Business Trends

Advertising

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Source: eMarketer

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Source: eMarketer
  • Digital Ad spend is projected to take a big hit this year, however, mobile ad spend should be able to net a positive year with growth of 4.8%.

Spotlight: Auto Sales

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Source: Clean Technica
  • US automakers saw declines across the board during Q2 as the pandemic drove consumers inside, destabilized employment, and jeopardized financial security.
  • Interestingly, while Tesla’s US sales have dropped 41% according to available US registration data and global sales numbers, the electric car manufacturer says they still have more demand than supply.

This article originally appeared in the HawkeMedia blog and has been published here with permission.

About the author

Steve Hutt

Steve has entrepreneurship in his DNA. In the early days of online commerce, he achieved Power Seller status at eBay, which then propelled him to become a founding partner of VisionPros.com, a contact lens, and eyewear retailer. After a successful exit from his startup, he embarked on his next journey into agency work in e-commerce and digital strategy.

Currently, Steve is part of the Merchant Success Team at Shopify Plus, where he is a Strategic Advisor helping brands continue to grow and scale with the Shopify Commerce Platform.

To maintain a competitive edge and life of learning mantra, Steve also hosts and produces a top-rated weekly podcast show, eCommerce Fastlane, where he interviews Shopify partners and subject matter experts who share the latest marketing strategy, tactics, platforms, and must-have apps, to help Shopify brands build and scale lifetime customer loyalty.