We’re taking a moment this month to explore some of the good news that’s happening in business and around the world. As New York passes the peak and hundreds of millions of us remain home to continue flattening the curve, a little bit of optimism can go a long way.
We hope you and your family are safe and healthy, and we send all our love from the SCS Team.
Here's a look at some of the positive business trends we're tracking as "COVID-19 will change consumerism forever." - Ad Age
SEMA REPORTS OPTIMISM IN AUTO AFTERMARKET
In the automotive aftermarket space, SEMA recently polled 2,000 individuals in the specialty-equipment industry. Nearly 75% of U.S. aftermarket manufacturers and retailers have not closed any of their sites, as the industry is considered essential. Most are optimistic and believe that their business will get through what they view as a short-term impact.
With 297 million Americans under stay-at-home orders, many are turning to DIY projects to liven up their spaces and check the list of projects they’ve been meaning to get to. DTC brands like paint companies Clare and Backdrop have seen a lift in sales, and wallpaper brand Vernon has experienced a 25% increase in wallpaper sample purchases.
Though the CDC has issued a no-sail order for the time being, online cruise market CruiseCompete.com has seen an impressive 40% increase in bookings vs the same period in 2019. Consumer confidence in the space is strong for the future. In a recent poll of 4,600 cruise passengers, 75% declared they would continue to take cruises as often or more often once the pandemic wanes.
Now that customers can’t visit physical retail locations, they’ve shifted to shopping online to find what they need or want. Webcams, sleepwear, shaving & grooming supplies, small animal supplies, baking items, gaming equipment, outdoor furniture, and exercise bands are some of the categories seeing even more incredible growth.
Unsurprisingly, the volume of video streaming has dramatically risen over the past month. Nielsen reports that growth has doubled in the 25-54 category, with entertainment being the key driver, followed by fitness and wellness, gaming live streams, and cooking. The largest growth has been in younger demographics, with schools closed and parents looking to keep their children entertained.
Looking for new ways to pass the time, and with even the World Health Organization recommending people play games, the video game industry is seeing a hugely positive lift from people staying at home. Turning around a recent decline in video game sales, March 2020 was the biggest ever month since 2008, as NPD reports spending on video game hardware, software and accessories reached $1.6 billion.
A 20-year old distributed computing project has pivoted to help scientists analyse COVID-19 to find a cure, becoming more powerful than the top 500 supercomputers combined. How? Consumers have lent the spare processing time on their computers by downloading an application that crunches numbers for molecular simulations of the virus, reaching 2.5 exaflops of processing power. Our digital team tells us that’s a lot.
