It was only a year ago when congress announced that over 700,000 jobs had been lost in the month on top of the million jobs lost in the prior two months. Sales and revenue for almost every industry were plummeting, consumers were holding on to every penny, and businesses were having trouble getting customers to buy their products at 50% off.
Fast forward one year. The U.S. economy only lost 36,000 jobs this last month. Consumer spending amongst chain stores is up 4% and online sales have shown an 11% increase in the month of February alone. Such early growth leaves a lot of room and opportunity for businesses with the spring and summer busy seasons right around the corner.
Peter Griffin, author of over a dozen books on marketing strategy, notes that there is a cyclical spending surge in the springtime. “March through May will get large sales from people spending their income tax returns.”
Montgomery Burns, a senior vice president of a boutique consulting firm, agrees with Griffin, “Computers, vacations, cars, furniture, home improvement items, and other large, once a year purchases, often happen at this time. Easter also presents its own season, and items which are related to spring, gift giving, or the holiday will see upticks.”
The end of winter is enough to get anybody excited. Combine the extra cash and excitement from tax returns plus a growing economy and you have an ideal buying season. Now is the time to capture their attention. Adding emotionally appealing incentives such as gift cards or consumer electronics is the perfect way to catch the consumer’s eye, encourage them to visit your store, unleash pent up demand and make a purchase!
We’ve noticed that special incentives and promotions are taking a more dominant position in print, online, and media creative. The urgency for a truly compelling call to action is increasing in this tough economic climate.