Worldwide 4 Billion People Will Use Social Networks By 2024
80%
Nearly 4 billion people will use social networks worldwide this year, with over 80% of internet users on a social network. By 2026, over 50% of the population will use one platform at least once monthly. However, top-line user growth is slowing, with this year’s 2.7% increase being the lowest since 2009, and future growth rates expected to be even lower.
91%
According to a Forrester report, 91% of U.S. advertising agencies are either using generative AI, 61% currently using or 30% exploring it, with large agencies (78%) ahead of small agencies (53%). Over half expect significant impacts on their ecosystem in the next two years, despite concerns about legal and data issues. At creative agencies, 69% are currently using generative AI, while 57% of media agencies have started. Key impacts include content creation (76%), the agency marketplace (71%), consumer interaction (69%), and client content (62%).
53%
Private label sales are rising as consumers seek cheaper alternatives to national brands. In 2023, US private label sales reached $263.6 billion, a 4.7% increase from 2022, with a unit share hitting a record 20.7%. Over half 53% of US retailers expect private labels to be their top growth driver in 2024. 71% of Gen Z consumers often buy cheaper versions of name-brand products, boosting private label sales, especially in beauty. 57% of US consumers believe private label brands provide premium products for their price.
92%
According to the Digital Marketing Trends 2024 report, based on insights from over 500 marketing experts, 92% predicted that integrating AI will be the top trend in digital marketing. Mentions of AI in marketing, especially regarding SEO and content creation, have increased by over 90%. Companies like OpenAI and Midjourney are leading this shift.
5%
OOH ad spending reached a new high in 2023, with steady annual growth rates of 3% to 5% projected through 2028. Local services and entertainment made up 27% of total OOH ad spending in 2023, rising to 30% in Q1 2024. Billboards dominated the format with 72.5% of US OOH ad spend in 2023, while transit ad spend grew 18.8% YoY in Q1 2024.
20%
Amazon hosted a closed-door event for Chinese sellers, unveiling plans for a budget storefront featuring low-cost items like apparel and home goods to compete with Temu and Shein. The storefront will launch this fall, with products priced under $20 and delivery times of nine to eleven days. on the other hand, Chinese sellers items sold rated has grew more than 20% YOY on Amazon, with Chinese merchants sales surge $10 million and increased by 30%.
8%
J.C. Penney reported 8.1% drop in total Q1 net sales to $1.4 billion and a net loss of $63 million, more than triple from the previous year's $17 million. Despite improved organic Google search volume and net promoter scores, consolidated adjusted EBITDA fell to a negative $3 million from $56 million positive last year. Inventory was down 9% YOY and credit card income fell over 20% to $58 million.