What’s In This Email

• Turns out, Millennials are the biggest holiday spenders

• Brand recognition vs. brand awareness

• RIP Matthew Perry

• #BookTok: Turning influencers into authors

• Notable Spotlight: Notable Awards 2023

• Notable Plug 🔌

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Turns out, Millennials are the biggest holiday spenders

Millennials are leading the pack when it comes to holiday spending, outdoing other age groups by over $600. On average, adults are expected to shell out $978 this festive season, but millennials are set to splurge an impressive $1,474. The "2023 Holiday Report" by Samba TV and research firm HarrisX sheds light on these spending patterns, revealing that while most shoppers intend to maintain or increase their holiday gift budget, over half are postponing their shopping spree until post-Thanksgiving (US).

Key Takeaways

• Millennials are projected to spend an average of $1,474 during the holidays, surpassing Baby Boomers, who plan to spend around $626.

• The majority of consumers intend to either maintain or increase their holiday spending compared to previous years.

• Over 50% of shoppers will likely delay their holiday purchases until after Thanksgiving, emphasizing the significance of Black Friday and Cyber Monday for brands.

• Contrary to the trend, less than half of the millennials will wait until November to shop.

• 70% of individuals are gearing up to shop on Black Friday.

• An even split is anticipated between in-store and online shopping, with 48% of Gen Z planning to hit the stores on Black Friday.

• On Black Friday, 34% of consumers are expected to shop in physical stores, while 58% are set to go online for Cyber Monday deals.

Brand Recognition vs. Brand Awareness: What’s the Difference?

In the bustling world of e-commerce, standing out is paramount. Below, Shopify delves into the nuances between brand recognition and awareness, two critical facets of brand strategy. While they often intertwine, each plays a unique role in the customer's journey, influencing their purchasing decisions and overall perception of a brand.

Key Takeaways

• Brand Recognition:

  • Refers to how consumers identify a brand through visual or auditory cues, such as logos, slogans, or jingles.

  • It's about immediate recognition, like seeing a logo and connecting it to a product or service.

  • Example: Juicy Couture's consistent use of its logo has led to high brand recognition.

  • Measured through brand recall, which can be aided (with prompts) or unaided (without prompts).

• Brand Awareness:

  • Goes beyond mere recognition; it's about consumers understanding a brand's values, products, and market position.

  • Influences purchasing decisions by making consumers more likely to consider a brand.

  • Example: 4ocean's mission to remove plastic pollution has fostered strong brand awareness.

  • Measured using various strategies like surveys, social media metrics, website traffic, and search engine rankings.

• Differences between Recognition and Awareness:

  • Brand recognition is immediate and can influence impulse buys.

  • Brand awareness takes time to build and encompasses a deeper understanding and emotional connection with the brand.

• Benefits of Brand Awareness and Recognition:

  • Provides a competitive advantage.

  • Fosters customer loyalty and trust.

  • Can lead to increased sales and profits.

  • Boosts word-of-mouth marketing.

  • Drives more web traffic.

  • Makes marketing campaigns more effective.

• Strategies to Boost Brand Awareness and Recognition:

  • Refine target audience understanding.

  • Highlight brand differentiators.

  • Ensure brand consistency across all touchpoints.

  • Engage with customers online.

  • Form strategic partnerships and collaborations.

  • Regularly analyze and adapt marketing campaigns.

@bradylockerby

Books I will accept NO criticism of 🥹🫶🏼 aka some of my favorite books of all time - all liinked on strefrnt if you want to read them! #fav... See more

Notable Awards 2023

Get ready for the return of the beloved Notable Awards, now going digital to celebrate notable talent nationwide! Nominations for over 30 categories across diverse industries and professions kick off on November 13th, and you won’t want to miss our BIG surprise announcement.
Stay tuned! #NotableAwards2023

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Notable Life is Canada's hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 40,000 top-tier professionals in competitive industries.

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