Business
Retailers expect holiday sales to rise despite economic headwinds on November 2, 2023 at 5:19 pm Business News | The Hill
Published
12 months agoon
By
Retailers are expecting Americans to spend more money than ever this holiday season despite economic and geopolitical headwinds, the National Retail Federation (NRF) announced Thursday.
The major retail trade association projected sales to rise by 3 to 4 percent in November and December for a total of $957 billion and $967 billion spent during the holiday shopping rush.
Shoppers spent $930 billion during the 2022 holiday season, NRF said, which saw sales grow by around 5.4 percent from the previous year. Retailers are expecting sales to still grow, but at a slower pace than previous years.
In the past few years, “the holiday shopping season has been filled with unmatched peculiarities for consumers and retailers alike,” Jack Kleinhenz, chief economist at the NRF, told reporters.
Pandemic-era stimulus payments swelled consumer savings and spurred record holiday spending growth, which peaked at 12.7 percent growth during the 2021 holiday season.
“The last two or three years is quite an anomaly, especially because of the shortages and the price increases because of shortages,” Kleinhenz added, noting spending growth is on track to return to what it was in the decade before the pandemic.
Inflation has also come down significantly from its 9.1 percent peak last June, but it remains above the 2 percent target of the Federal Reserve, which has hiked interest rates to 22-year highs.
The latest Michigan Consumer Sentiment Index showed consumer sentiment fell to 63.8 in October from 67.9 percent in September as inflation worries weighed on consumers. But retailers are still confident that it won’t necessarily impact spending.
“There are consumer attitudes and then there are consumer actions, and inflation impacts their attitude,” NRF President and CEO Matthew Shay said. “But as long as the job market is as strong as it is, their actions are going to continue to power the economy.”
The U.S. unemployment rate was just 3.8 percent in September, according to the Labor Department, a month when the country added 336,000 jobs.
The Labor Department is slated to release the October jobs report on Friday.
High interest rates have hiked borrowing costs, which may also impact consumer spending in the final months of the year.
Americans’ savings are dwindling and delinquency rates on credit cards, mortgages and car payments are on the rise.
Shay said he’s paying close attention to credit card balances, noting higher interest rates and borrowing costs could impact consumer spending this holiday season.
“Our sense is that the cumulative effect of all of these things is going to show some moderation in consumer behavior relative to the last several years of holiday spending. I think that’s something that was predictable, and ultimately inescapable if the economy starts to come back into better balance,” Shay said.
Business, federal reserve, holiday, National Retail Federation, Retail, sales Retailers are expecting Americans to spend more money than ever this holiday season despite economic and geopolitical headwinds, the National Retail Federation (NRF) announced Thursday. The major retail trade association projected sales to rise by 3 to 4 percent in November and December for a total of $957 billion and $967 billion spent during the…
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Advice
10 Tips To Creating Quality YouTube Content on a Budget
Published
2 weeks agoon
October 4, 2024Producing engaging YouTube videos doesn’t have to break the bank. With the right strategies and tools, you can create high-quality content that resonates with your audience without overspending.
Define Clear Objectives
Before you start filming, establish your goals. Are you aiming to increase brand awareness, drive traffic to your website, or boost video views? Your objectives will guide your content strategy and help you measure success.
Create Compelling Content
Invest time in developing high-quality video concepts. According to Analytics Partners, video content has twice the lasting impact of non-video content. Focus on creating content that resonates with your audience and aligns with your brand messaging.
Leverage Smartphone Technology
Modern smartphones offer excellent video quality. For example, the iPhone 12 Pro can shoot 4K video at 60 fps, rivaling many dedicated cameras. Pair your smartphone with a basic tripod and external microphone for professional-looking results.
Optimize Lighting
Good lighting is crucial for video quality. Natural light is free and effective. Position yourself near a window or invest in affordable lighting options like ring lights, which typically cost between $20-$100.
Post-Production and Optimization
Use Free Editing Software
Take advantage of free or low-cost editing tools. DaVinci Resolve, for instance, offers professional-grade editing capabilities at no cost for its basic version.
Optimize for SEO
YouTube’s algorithm considers factors like view count, engagement, watch time, and relevance when recommending videos[2]. Use keywords in your titles, descriptions, and tags to improve discoverability. For example, including relevant keywords in your title can increase views by up to 20%.
Engagement Strategies
Prioritize Community Engagement
Respond to comments and interact with your audience. YouTube puts recent comments front-and-center in your analytics dashboard, encouraging timely responses. This engagement can lead to higher watch times and subscriber growth.
Experiment with YouTube Shorts
YouTube Shorts are amassing tens of billions of views daily. Creating Shorts content can increase your channel’s visibility and engagement without requiring significant production resources.
Budget-Friendly Marketing Tactics
Leverage Remarketing
Implement remarketing campaigns to re-engage viewers who have already interacted with your content. This targeted approach can be more cost-effective than broad audience targeting.
A/B Testing
Experiment with different video formats, thumbnails, and titles. YouTube’s own data shows that 90% of top-performing videos have custom thumbnails. A/B testing can help you identify what resonates best with your audience without additional production costs.
Real-Life Example
Consider the case of Peter McKinnon, a photographer and filmmaker who started his YouTube channel in 2010. Using primarily his smartphone and basic editing software, he grew his channel to over 5 million subscribers. His success came from consistently delivering valuable content, engaging with his audience, and gradually improving his production quality as his channel grew.
By implementing these strategies, you can create engaging YouTube content that resonates with your audience without overspending. Remember, the key is to focus on delivering value and consistently improving based on audience feedback and performance metrics.
Author: Bolanle Media Staff
As a film industry professional, you’re likely no stranger to the hard work and dedication required to bring a project to life. However, you may not be aware of the crucial role film festivals play in advancing your career and the industry as a whole. Let’s revisit the importance of film festivals and how they can benefit you and your work:
Film festivals provide a platform for your work to be seen by a wider audience, including critics, distributors, and industry leaders. This exposure can lead to recognition, awards, and critical acclaim, which can boost your reputation and open doors to new opportunities.
From the Film Festival Circuit Founder, Mikal Fair:
“Explore the ‘Film Festival Submitter’s Handbook 2024,’ your ultimate guide to conquering the film festival circuit. Whether you’re a filmmaker or screenwriter, this essential resource provides practical strategies to navigate the competitive landscape of film festivals successfully. From crafting compelling titles, taglines, and synopses to creating impactful director’s and writer’s statements, this handbook equips you with the tools to shine in the festival circuit. Learn to develop effective marketing materials, including posters and trailers, and discover the importance of communication and presenting a professional package. With insights tailored to the evolving role of social media and marketing in the film industry, this handbook is your key to festival triumph. Get your copy now and embark on your journey to festival success!”
Author: Bolanle Media Staff
Business
Laugh, Learn, and Connect: Houston Comedy Film Festival Oct 5th
Published
2 weeks agoon
September 30, 2024Located in: EADO Workspaces
The Houston Comedy Film Festival is set to return on October 5th, 2024, and it promises to be an exciting day filled with laughter, learning, and networking opportunities for comedy enthusiasts and aspiring filmmakers alike. This year, the festival welcomes Roselyn Omaka as the new festival director, bringing her expertise and innovative vision to the event.
Attendees can look forward to engaging sessions led by industry professionals. Joan Montreuil from The Newbie Film Academy will provide invaluable insights into financing films and raising capital, helping aspiring filmmakers navigate the often complex world of film funding. Meanwhile, Deloris from DD’s Showbiz will host an interactive acting workshop designed to enhance participants’ skills and confidence in front of the camera.
Although LemarKus Tinker from Friday Night Lights won’t be attending in person, he will offer an exciting virtual one-on-one guidance session for aspiring directors. This unique opportunity allows participants to connect directly with him from the comfort of their homes, gaining personalized advice and insights that can help shape their directorial vision. Imagine having a chance to ask questions and receive feedback from a seasoned professional in the industry—this virtual interaction is sure to be a highlight!
In addition to these educational opportunities, festival winners will have the chance to receive valuable resources from sponsors to further improve their films and business outcomes. This support could be the stepping stone that many emerging talents need to make their mark in the competitive world of filmmaking.
The festival kicks off at 12 PM sharp, so attendees are encouraged to arrive 10 minutes early to ensure they don’t miss any of the action. It’s important to note that everyone must purchase a ticket to attend this fantastic event. Tickets are available for $50, which grants full access to all festival activities. Attendees can purchase their tickets through different platforms: filmmakers (not screenwriters) are encouraged to buy their tickets on filmfestivalcircuit.com, while guests and screenwriters should secure their tickets via meetup.com/bolanlemedia. Tickets can also be purchased at the door on the day of the event.
The Houston Comedy Film Festival has been a cornerstone of the independent film community since its inception in 2008 by author and retired filmmaker Mikel Fair. Over the years, it has consistently ranked in the FilmFreeway Top 100, cementing its status as a must-attend event for comedy filmmakers and fans.
With Roselyn Omaka’s leadership, the star-studded lineup of industry professionals, and the diverse array of films and activities planned, the 2024 Houston Comedy Film Festival is shaping up to be an unmissable experience. Whether you’re an aspiring filmmaker, a comedy enthusiast, or simply looking for a day filled with laughter and learning, this festival has something for everyone.
Don’t miss out on this fantastic opportunity to immerse yourself in the world of comedy filmmaking. Grab your tickets now and be part of the Houston Comedy Film Festival experience! Join us on October 5th at the Coronation Theatre in Houston for a day of creativity, laughter, and cinematic celebration! Your next big break could be waiting for you!
Author: Bolanle Media Staff
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