“The worst is yet to come,” is the message you get from the major news media.
But as a sharp business mind, you know better than to listen to their sensationalism.
However, what’s the reality? What’s really going on with the market? What will happen with the market?
Here’s some of the trends emerging right now:
1. Toy Sales Are on the Rise
Bored children at home more often. Parents at home who have to focus on their jobs. That’s the perfect formula for keeping children entertained with toys!
The National Retail Federation found 42% of consumers purchased toys in March. However, that number increased to 59% in April.
That corroborates evidence which finds toy and game manufacturers increasing their advertising substantially.
It’s one sector you can seemingly count on to do well for at least the near future anyway.
2. Anything Food Remains Strong
The initial shock of the coronavirus pandemic sparked a strong reaction towards purchasing essentials.
If you sell food, you’ve certainly noticed.
The New York Times reports sales were up 79% versus March of last year. That strength has waned, however. During the final week of March, sales were up just 7% over 2019.
Sales have remained fairly strong since. And particularly, meal kits and online grocery delivery services have been some of the bigger winners.
3. Mixed Bag: Entertainment
Obviously, since some forms of entertainment like movie theatres and theme parks are off limits, sales in that regard have plummeted.
However, video games, streaming services, and the afore-mentioned toys, as well as board games and puzzles, have remained strong.
Barred from doing most things, people and their families need something to do.
4. Consumer Electronics Have Skyrocketed
Criteo analyzed data from more than 80 countries and two billion people to figure out current trends.
Webcams, computer monitors, modems, and educational software have seen their sales grow by hundreds of percent.
Maybe your company isn’t in position to create some of these more sophisticated products. However, you can much more easily source and sell accessories for these products…like computer monitor cleaning solutions, mouse pads, and so on.
Remember that in the gold rush of the 1800s, it wasn’t the prospectors who got rich. Rather, it was the companies who sold the tools they needed that experienced great success.
5. Pet Supplies Have Gone Out-of-Control Good
Man’s best friend needs man’s best care during a pandemic. Your four-legged friend or other pet depends on you for their survival.
And consumers have certainly felt the need to be certain that their pets get the best care.
While pet supplies across the board climbed, according to Criteo, the top winners have been cat food and small animal supplies.
Who knows what the coming months will bring? The important thing lies in having data resources you can trust without question.
Stay tuned so you know how to adapt to the market before it changes.