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Thursday, May 30, 2024

VDO.AI Forecasts Summer Spending Boom Fueled by Consumer Optimism, with Apparel Dominating at 78%

Last updated Monday, April 29, 2024 19:38 ET , Source: VDO.AI

The VDO.AI report reveals that a whopping $15.3 billion was spent last season, which is projected to rise due to a surge in consumer optimism toward the US economy

New York, NY, 04/29/2024 / SubmitMyPR /

As summer approaches, consumers are poised to loosen their purse strings and embrace the warmer months, with summer essentials. The VDO.AI report reveals that a whopping $15.3 billion was spent last season, which is projected to rise due to a surge in consumer optimism toward the US economy—the highest level seen in nearly two years. The report also highlighted that fashion will be leading the charts at a staggering 78% of planned purchases.

The report delves deep into consumer spending habits, engagement levels, prime opportunities, and advertising trends, providing valuable insights for brands to capitalize on this peak spending period.

One notable shift is that consumers are flocking away from traditional channels, with 59% of their internet time now spent on the open internet. This shift can help reach a vast audience across various streaming platforms, news websites, OTT platforms, and CTV (connected TV), presenting a prime opportunity to adapt advertising strategies and leverage the growing popularity of these open internet destinations—not just social media.

The change in behaviour is not limited to internet usage-, there’s a heightened propensity for splurging behaviour, with 40% of consumers in the US expressing an intent to indulge during the summer season, particularly pronounced among Gen Z and Millennials. High-income millennials exhibit the most significant intent to splurge.

Amitt Sharma, CEO at VDO.AI, stated “With over 323.56 million internet users in the US, the digital landscape is undeniably thriving, particularly during the summer months. As highlighted in the report, this burgeoning online presence presents an unparalleled opportunity for brands. By leveraging the insights provided, brands and publishers can craft targeted strategies to maximize their impact and ROI.”

Rajkumar Remalli, Representative at OpenX said, “The summer heat feels like a refreshing breeze for advertisers. Consumers are actively shopping for everything from essentials and fashion to electronics and more. It’s no surprise that consumer electronics brands are aiming for double-digit growth this season, as highlighted in the report. This season offers abundant opportunities for brands to capitalize on. The report accurately portrays how the summer season presents the perfect opportunity.”

According to Arjit Sachdeva, CTO - VDO.AI, “VDO.AI‘s Report for Summer 2024 unveils the latest advertising trends and deep insights into user purchase behaviour. With 59% of US consumers now spending more time on the open internet, the playbook navigates this shift, empowering advertisers with strategic targeting opportunities across websites, OTT platforms, and CTV. It’s a must-have resource for brands ready to seize the summer advertising landscape.”

Rajat Rajwansh, Head of Digital Marketing, IDP Education, remarked, “Summer always shines as a golden season for advertisers! As the report rightly emphasizes, the scale of opportunities in summer is truly massive. Summer search trends are currently at a yearly high and are projected to keep growing in the coming months. This report offers advertisers perfect strategies and actionable insights they can leverage in their summer advertising campaigns.”

About VDO.AI

VDO.AI is a trailblazing digital advertising technology company committed to redefining brand engagement and revenue for brands and publishers, respectively. With a community of over 900 partners across three continents, VDO.AI delivers customized video-driven experiences that convert brand awareness into measurable responses.

Media Contact:

Mehak Chawla

[email protected]

Lead - Strategic Marketing

Disclaimer: The information mentioned in the press release is provided by source VDO.AI. KISS PR and its distribution partners are not directly or indirectly responsible for any claims made in the above statements. Contact the vendor of the product directly for any queries/issues.

Original Source of the original story >> VDO.AI Forecasts Summer Spending Boom Fueled by Consumer Optimism, with Apparel Dominating at 78%