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A marketer’s guide to the economy after covid - by Magic Numbers

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Insight

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The folks at Magic Numbers have pulled together 'a marketers guide to the economy after covid' and it's really quite good.  

Below are some of the main findings - however we encourage you to read their full article here.


Economic recovery is already here

  • It's not evenly distributed.
  • Hiring & spending are both up vs the pre-covid norm.

K-Shaped economic recovery

  • Some people are actually much better off than they were before Covid, whilst others are much worse off.

"At one end of the scale, already wealthy people have had a good pandemic financially. High earners overwhelmingly work in sectors that stayed open and the majority could work from home. With their incomes unaffected and fewer opportunities to spend, many ended up with +£300 per month more than usual in their bank accounts (IFS).

At the other end of the scale..... the sectors that got shut down often were those that didn’t pay well in the first place, and with retail – a significant employer of women – closed, it was mainly mums who sacrificed work to take on the task of home schooling."


Get your marketing right

  • Get the right people at the right time with the right message matters now more than ever.  Adjust your strategy to the 'K'.
    • Those who 'had a good pandemic financially will reverse their enforced thriftiness and begin to spend again' with additonal purchases likely to be made up of 'treats'.
  • There is an opportunity to grow sales and penetration.
    • Look at the possibility of new product laundes within luxury/premium.
  • Be careful how you connect & target the younger generation or those with a low income.
    • Understand their position.  

"Tone deaf advertising can do damage to brands, and there’s a serious risk of delivering a “treat yourself” message to someone that can’t make ends meet."


Potential marketing risks

  • Those at the bottom the K - those who've had a tough time, are young or have a low income are unlikely to start spending any time soon. If you're business sits here, things could remain tricky.
  • Ecommerce has taken over - people have got used to buying online and may not want to go back to the old ways of in-person purchasing (at least for now).
  • Low skill administrative jobs could be automated or outsourced now that individuals do not actually need to be in an office with their colleagues.

Read full article here


Photo by Josh Calabrese on Unsplash

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