The Digital Economy is Still Alive
The COVID-19 pandemic is the defining challenge of our lifetimes, but there are still reasons to be optimistic about the future. The latest dose of hope comes from Search Engine Land, which last week published a list of economic indicators hinting at a successful recovery. Here are a few nuggets that will resonate with digital marketing professionals:
The HPS-CivicScience Economic Sentiment Index (ESI) saw an uptick in four of five indicators last week after a sharp downturn in March. The index tracks how consumers feel about jobs, the US economic outlook, their willingness to make major purchases, personal finances, and home-buying. Only home-buying continued its downward trajectory; sentiment about the US economy improved considerably.
Also encouraging was the consumer response to US stimulus checks. Shopify reported “Black Friday level traffic,” and Merkle’s data showed consumers spending on apparel, furniture, footwear, and other discretionary items. Will the surge last? Maybe not, but Search Engine Land thinks it shows ‘considerable pent-up demand among consumers who’ve been stuck in the house for weeks.’ In other words: imagine what will happen when the economy fully reopens (whenever that is).
There has also been an increase in digital marketing activity amid the pandemic, according to one recent CMO survey. Seventy-three per cent of respondents said they were spending more on advertising in general, on content marketing, on organic growth, and on social media.
Finally, we can also look to the stock market for hope – it’s leveled off after weeks of wild volatility. The market isn’t a reliable indicator of how ordinary families are faring, but its flattening suggests that panic has peaked.
Having said all that, it’s important not to underestimate the severe economic and human toll this pandemic has inflicted. Businesses everywhere are struggling, and people are grappling with the loss of jobs, personal freedoms, and loved ones. As a Google Premier Partner digital marketing agency, GrowthEngine Media is prepared to help in any way we can. Don’t hesitate to reach out with questions or concerns about your digital strategy, or simply to check in for a chat. We’re all in this together.
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