It’s been a challenging year for consumers the world over, and Canadians are no exception. But residents in the True North have been squirreling away serious coin in the past year to the tune of an estimated $180 billion, according to Bank of Canada’s Q2 Consumer Expectations Survey. And they’re more than ready to spend some of it. Even those returning to work as the economy reopens may be spending on commutes, daycare or retail. Deloitte economists expect the GDP to expand by a “blistering 6.7%” this year, and anticipate a 4% gain in 2022.
Pent up demand is real and certainly what the economy needs. In their survey, the Bank of Canada details where Canadians are planning to dish out:
Dinner and a Movie: 26.9% plan to spend more on restaurants, cinema and socializing
Travel Bug: 21.5% plan to spend more on travel this year
Housing Hype: 12.9% will spend more on their home
Health First: 13% will spend more on health and personal care
To say that consumers want to re-engage would be an understatement. As vaccination rates increase, connection-driven younger generations in particular, are motivated to spend on items and experiences they were robbed of. Audiences across the country are heading out, and not necessarily to commute to work. They’re consuming OOH in greater numbers than pre-Covid and they’re doing it for different reasons. Apple Mobility reports an impressive 88% increase in foot traffic over mid-Covid baselines to date. And Digiday quips, ‘No one even notices a banner ad anymore’. Strong words, to be sure.
As consumers look for ways to make up for lost time and experience a new normal, the opportunities OOH presents to marketers as part of the overall media mix are greater than ever.