Velvet Friday 5: 5 stats that caught our eye this week

Fashion is seeing the largest online growth – by far – in the UK

 Why should you care?

Fashion in the 2021 seems to be a revolving door of fast-moving brands we’ve never heard of, all too often under the umbrella of a group who’s supply chain is in hot water. But we can’t fault the industry for its agility. Ramping up loungewear stock in the heat of the pandemic quickly pivoted to sparkly frocks as the country gears up for June 21st, ahem, July 19th. This has undoubtedly helped it thrive.

What’s more, Etsy’s recent acquisition of Depop for a cool $1.6 billion could mean that second-hand sellers soon catch up with their cost-efficient rivals.

 

GB News launch gained more viewers than Sky or BBC

Why should you care?

 With Netflix seeming to churn out more series in an hour than Keeping Up with the Kardashians has in 14 years, a brand new channel feels like a novelty.

 After four years of Trump, the never-ending Brexit saga, and a vegan sausage roll, the culture war has never been so stark. The new channel, led by journalist Andrew Neil, aims to champion the voices lost under ‘wokeism’, but its launch wasn’t without technical glitches and jeers over less-than-impressive graphics.

But its first night was a success. The channel tweeted that it claimed the lion’s share of viewership from 7 to 11pm, peaking at 336,000 viewers, and trumping the BBC with 100,000. Perhaps less surprising, 57% of its audience was male, 52% were aged 65 years or older, and 82% were from middle class demographics.

 ut as brands like Nivea and Kopparberg pull ads from the channel, is it about to flop harder than Deliveroo’s IPO disaster? Or will spiky debates – crafted for online shareability – save the channel?

 

The global ad market is on a steep trajectory

Why should you care?

Ad spend plummeted last year. Fears over public backlash surrounding product placement next  to overcrowded hospitals meant brands jumped ship. But as the vaccine programme continues to accelerate and hospitality reopens, there’s hunger for normality in the media ecosystem – both from brands and consumers.

Magna, the intelligence unit of IPG’s Mediabrands, has reported a record-high growth rate this year of 13.5%, or $78bn – superseding what was initially predicted. After a year of uncertainty, verticals battered by the pandemic want to speak to their audiences again. And it’s music to adland’s ears.

 

Is another office exodus on the horizon?

Why should you care?

After Goldman Sachs dished out a memo to US-based employees asking them to disclose their jab statuses, a fresh issue arose for the new-age workforce. Are those with a vaccine going to share an office with those who aren’t?

 Well, according to ONS, that might not even matter. Remote working is officially in decline and the lack of enthusiasm amongst managers suggests it will continue to dwindle: fewer than 24% are planning to introduce increased home working in the future. But this could be detrimental to the retention of talented staff, as a third of the UK workforce will look for another job if flexibility falls by the wayside.

 

The agricultural industry is feeling optimistic across the pond

 Why should you care?

 Although agriculture remained fairly stable during a tumultuous 2020, fragilities like surplus waste driven by the hospitality closure haven’t been ignored. But according to CropLife’s mid-year survey of ag retailers – who help growers maximise their profitability – 55% rate this year on a promising 8-10 on a 10-point scale.

 But this doesn’t mean there aren’t challenges ahead, as CropLife notes that the retention of good employees is a cause for concern. An industry like agriculture is built on relationships between different stakeholders, and growers will stick to the ag retailers they can trust. But as staff with years of experience and heritage head into retirement, face-to-face interaction is rapidly being swapped for digital communication by younger employees. 

The next question for ag: can a relationship be built and sustained over Zoom?