Americans are holding on to $1.3 TRILLION and you must be ready to catch the wave of demand when the gates open. On this BONUS episode of green tagged, we’re discussing preparing you for the tidal wave of demand coming this year.
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Introduction
First, we’ll set the scene with some trends.
Spending power: “Americans who have kept working during the pandemic have socked away about $1.3 trillion in extra savings during the past year, according to Pantheon Macroeconomics. That could provide a significant boost to the economy, if and when they decide to spend it.” Via NPR.
China wants luxury and has an affinity for social spending: “As luxury spending in China reaches new heights for some brands, the Chinese are set to account for around half of all global spending on high-end brands in 2020, up from 37% last year, according to McKinsey & Company” Via Reuters. “China’s live streaming e-commerce market will total $305 billion USD in 2021, representing 384% growth from 2019” via FORBES.
The Big Players Are Setting the Stage for Recovery
Walt Disney World announced their 50th anniversary plans, which span 18 months beginning October 1st. Meanwhile, Disneyland launched a ticketed food event in California (which sold out in minutes). Universal announced construction will resume on EPIC Universe.
Don’t look at competition coming only from ‘attractions’ but also from brands and they look to turn spending into retail experiences. Virgin Galactic announced the hiring of Joe Rohde to help with experience design.
The big brands have consolidated and invested during the pandemic, meaning the landscape is not as it was before. Example: Herschend took over Kentucky Kingdom.
