During the spring, forward-thinking businesses plan a lot of their marketing and advertising initiatives for the summer to take advantage of consumer’s higher than usual spending habits. In fact, a recent study from MassMutual shows that the spending bump in summer is bigger than once thought. The study has a few revealing insights that can help you both understand and capitalize on this spending bump.
Research on Summer Spending Increases
According to MassMutual, more than half of consumers spend more money in the summer than in the winter. Those individuals who admit to spending more in the summer are mainly driven by a desire to “make the most of summer.”
In fact, this trend appears to be slightly stronger among women, 55% of whom admit to spending more during the summer. Slightly fewer men (52%) admit to spending more in the summer. About a third of both genders admit they do not have a budget for their summer spending, and an additional 63% of the remaining survey respondents admit to being more compulsive with their shopping during the summer months.
What is the Fear of Missing Out?
Researchers suggest that Fear of Missing Out, or FOMO, is behind summer spending that is impulsive and less restricted by a budget. FOMO, in this spending context, is essentially the feeling of anxiety people may get when they do not buy what their friends buy, or do not experience what their friends experience. Social media may be behind FOMO because it typically makes private experiences more public and enviable.
Advertise with Social Proof
In order to put your brand in the spotlight and be considered by consumers for their spending that will naturally occur this summer, brands can focus on showcasing their product or service’s popularity. Feel free to use social proof to demonstrate that your offerings are well-liked and worthy of envy. Use testimonials often, images of your happy customers using your product or service and encourage your existing customers to share their experience, leaving a positive review on Google or one of your social platforms.
Hold Summer Events
Give your potential customers something to feel some FOMO about. Holding summer events is a great way to get customers engaged. Don’t simply give away free items or hold in-store events. Go further by creating an event that your current and future customers want to go to. Your small business could host game nights, hold events at local restaurants or even get involved in a community event!
Use the spring and summer holidays as focal points for your events. Options include Easter, Father’s Day, Mother’s Day, Canada Day, and more.
Use the Power of Social Media
FOMO is more powerful on social media. The MassMutual researchers suggest that social media drives FOMO, especially for women (although, men are not immune). Therefore, having a strong social media presence and engaged followers who share what they are up to is important to draw summer spenders to you. Learn more about the power of social media and the top digital marketing trends by reading our 3 Digital Marketing Trends for Businesses in the 2020’s – You Need To Know!
What should you promote on social media? Create new summer offerings such as summer drinks, summer-themed product pairings, or new product lines to give your customers an excuse to indulge.
Ready to up your advertising efforts this spring? Spread the word of your FOMO inducing events and products with a little help from Direct Response Media Group. Reach out to us today to get started.