There was a story in today’s Marketing Daily worth reading, especially if you run a restaurant, nightclub, or other out-of-home entertainment venue. (Or, if you sell home electronics, home furnishings, catering, or upscale food that is prepared at home.) The article suggests that people are still spending time and money on home entertaining… and that such spending might even be going up. Click here to read the story.
Implications: Some people will go back to restaurants and nightclubs as they exit their personal recession. Others might take this opportunity to “upgrade” their experience by spending more in at-home entertainment… not less. And still others might fit somewhere between, going out more than they did two years ago, but not as much as they may have five years ago.
If you sell higher-end home entertainment goods, from electronics and furniture to alcohol and food… you could benefit from this shift in lifestyles. If you sell out-of-home entertainment or dining experiences, you might need to address the convenience and full-feature aspect of your offering.
I am reminded that your competition is not always your only competition.
Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.