Pay TV and Cable Lost 5.8M Subscribers in 2022
by Frankie Karrer
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The performance marketer’s guide to making a memorable impression (without the dad jokes)
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First it was Mother’s Day, then Memorial Day and boom – by the time you know it, Father’s Day is right around the corner. Last year, total spend reached $17 Billion, a $1 Billion increase from the year prior. Despite Father’s Day coinciding with the height of the pandemic, it definitely didn’t slow down spending. This year looks much different – we’re expecting even bigger festivities, as cities open up thanks to a wave of mass vaccinations, and the Roaring 20’s (21’s) are a cause for celebration. It’s not always about the dad bod and the cliched tie and shoe combo – this year, the modern-day dad is where it’s at.
If there’s one trend that’s not letting up in a post-COVID world, it’s consumer sentiment towards online shopping. A recent Harris poll found that 80% of Americans will continue to shop online, and only 47% will miss the brick and mortar shopping experience. These numbers are consistent for Father’s Day spending, too. Around 75% of the U.S. population celebrated Father’s Day and 77% said it was an important day for them despite the pandemic, and if anything, that number is going to go up this year as families reunite and travel advertisers prepare for a boom in trips abroad. We’ve even seen an increase in average order spend on Father’s Day gifts rising approximately 7% to 2020. If we take another step back and view average spend over the past decade, there has been a clear upward trajectory in spending.
We tracked site visits and revenue across our own customer base during this period, and observed higher traffic in the first week of June, which suggested that more shoppers were taking the time to research their purchases. Of course, last minute – and even belated – shopping was well and truly alive, as revenue increased for the weeks leading up to, and after, Father’s Day. We noticed a consistent trend over the past few years and into last year, where both site visits and revenue spiked after Father’s Day, a residual effect that lasted up to a week later. Pandemic or not, one thing is for certain – customers might be late to the game to spend during Father’s Day (sorry to call out you last minute shoppers) but they’re still doing it, and it’s best to be prepared in either case.
The next question you’ll want to ask – where is the best place to find these shoppers, and who are they? The usual suspects like social media or video advertising might be a ‘safe’ bet, but there’s actually a lot more at stake when considering these digital channels.
The traditional father role has changed over time, and nowadays, dads are taking on the role of stay-at-home dad as child rearing responsibilities are becoming more equally split with their partner. Parents also had to quickly adapt to working-from-home and looking after their children in light of the pandemic. It’s also become less common for dads to be the family’s sole breadwinner, as the share of couples living in dual-earning families has risen and this dynamic makes up the majority of two-parent families with children. Let’s not forget that mother’s have a lot of spending power – 34% of them shop for consumer goods 2-3 times a week on average. A new Pew Research Center study revealed that the U.S. has the world’s highest rate of children living in single-parents households (23% of children under the age of 18 live with one parent), and has increased over the past few decades.
When it comes to media consumption, one trend is here to stay: co-viewing. Three quarters of partners now watch video content with their children several times a week or more, a trend consistent across household income levels, gender and children age. Over half (62%) of parents stated that Connected TV was their device of choice for co-viewing. For brands and advertisers, there’s no better platform to market to dads (and those who will be buying gifts for him) this Father’s Day than on Performance TV. It’s unique combination of storytelling and direct-response features cut through the clutter and delivers a clear, memorable message with precision.
Watch this space as we’ll be shortly revealing our extensive guide to performance marketing for Father’s Day, but if you need a few pointers to get you started, here’s what you should look out for.