Friday, September 30, 2022

3 Pandemic Nesting Trends Likely to Continue

Inflation in the US and a new wave of COVID-19 infections elsewhere in the world are likely to slow people’s transition out of the house and back to pre-pandemic pastimes. In that case, the pandemic nesting trend will continue to pay dividends well into 2022.

A look at a few key areas reveals that certain sectors stand to benefit from a longer timeline to true recovery, which can be defined as near-complete resumption of all pre-pandemic activities — from working in an office to going out to restaurants to large indoor events.

It’s an expandable grouping, but these three categories are likely to see lively action in 2022 regardless of COVID-19 or inflation, as people continue turning dwellings into much more.

Streaming Subscriptions

In its latest Theme Report, the Motion Picture Association (MPA) reported that the global total of online video subscriptions now stands at 1.3 billion and increased by 14%, or 164 million, between 2020 and 2021. It’s now the second-largest subscription revenue market, rising 26% to $17.9 billion. By contrast, the number of cable subscriptions fell 1% to 526.5 million.

“Home/mobile viewers reported that they increased viewing via all methods during the COVID-19 pandemic period,” the MPA added. “The largest number, more than half of adults (53%), reported that their viewing of movies or shows/series via online subscription services increased over the period of the COVID-19 pandemic, with a net increase of 45%.”

Home Improvement

In January, the Joint Center for Housing Studies of Harvard University (JCHS) released its latest Leading Indicator of Remodeling Activity (LIRA) study, projecting that double-digit increases in home renovation and maintenance will peak in the third quarter before slowing down to a more sustainable rate.

Driven by a residential remodeling trend and huge appreciation in real estate, experts see more consumers building equity by improving homes, where they spend more time than ever.

In a press release, Carlos Martin, JCHS project director of the Remodeling Futures Program, said, “Strong increases in home sales activity, household incomes and home equity levels are supporting a faster expansion of the home remodeling market over the coming year. As owners continue to navigate the ups and downs of the pandemic’s trajectory, the focus on home improvements for changing wants and needs remains in sharp relief.”

JCHS estimates that home improvement and repair spending could reach $430 billion by the second half of 2022.

Restaurant Delivery

While users of restaurant aggregators often take issue with delivery surcharges, the sheer popularity and convenience of having prepared meals delivered hot will hold its appeal.

According to The Restaurant Friction Index 2022 Edition, a PYMNTS and Paytronix collaboration, “41% of the average restaurant’s sales now come through digital channels such as mobile apps, aggregators and websites. This share of sales is far more than the 32% of the average restaurant generated via its brick-and-mortar location and the 26% generated via phone call.”

That study shows the power of loyalty to make mobile ordering even more profitable.

“Nearly all restaurant managers realize that their customers are on the hunt for better deals and provide a way for regular customers to avoid high price tags: loyalty and rewards programs,” the study reported. “Our research shows that 96% of restaurant managers mark down prices for loyalty program members, and the average loyalty discount clocks in at roughly 3.8%.”

See: The Restaurant Friction Index 2022 Edition

,

NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED ID VERIFICATION AFTER TRYING IT

3 Pandemic Nesting Trends Likely to Continue

About:Fifty-seven percent of consumers who’ve used advanced ID verification methods such as voice recognition when contacting customer service say they’d do it again. The Consumer Authentication Experiences report, surveyed nearly 3,800 US consumers to learn how offering innovative verification experiences is helping businesses deliver superior customer service across all channels.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news
- Advertisement -