In 2024, many businesses are feeling the pinch of a soft economy, with early summer reports of a slower start than usual. As a promotional product supplier, we understand the challenges you face in trying to make your brand stand out while being mindful of budgets. To help you navigate these tough times, we've analyzed industry search activity trends* to uncover where hidden opportunities might lie. Here are some insights and tips to get the biggest bang for your buck.
While the Stanley tumbler trend is an obvious choice due to its massive popularity, here are some other markers to consider, ranked from least to most promising based on year-over-year activity increase.
#7. Stress-Relievers (+14.4% increase)
Given the generally negative news cycles that feed our internet and social media algorithms, stress-relief items such as stress balls, fidget spinners, and calming kits have seen a significant uptick. The ongoing economic uncertainties and worldwide political polarization have increased demand for products that help manage stress and promote well-being.
#6. Umbrellas (+16.6% increase)
This may seem like a surprising (old-school?) trend, but it makes a certain kind of sense when you consider the unpredictable weather patterns we've been experiencing. Umbrellas also tie into the #1 trend below (spoiler-alert!), highlighting the increasing popularity of outdoor activities where protection from sudden weather changes is essential.
#5. Cables & Cords (+17.1% increase)
Tech accessories like cables and cords are in constant demand. They are cost-effective and offer excellent branding opportunities, especially for tech-savvy audiences. The rise of remote work and the need for reliable tech setups at home contribute to this trend.
#4. Laptop Backpacks (+18.9% increase)
As more people continue to work remotely or in hybrid environments, laptop backpacks are essential. They combine functionality with brand visibility, making them great for corporate gifts. The increase is also driven by the resurgence of business travel as companies start to reopen offices and hold in-person meetings.
#3. Eco-Friendly Products (+25.3% increase)
Eco-friendly products have been steadily gaining traction. Items such as reusable straws, bamboo utensils, and recycled material bags are seeing increased interest. This surge aligns with growing consumer awareness and demand for sustainability and eco-conscious living.
#2. Fans (+28.1% increase)
This one caught even us off-guard a little, but with climate change driving hotter temperatures, practical items like fans are gaining undeniable traction. These are perfect for outdoor events or employee appreciation gifts and can help keep your brand cool. Additionally, the El Niño effect this year has heightened demand for cooling solutions.
#1. Golf Accessories (+75.8% increase)
Golf experienced a significant surge in popularity during the pandemic, and this residual growth effect has continued into 2024. The promotional products industry seems to be catching up with this trend, with golf accessories seeing a notable rise in interest. Golf enthusiasts abound, and corporate tournaments provide high-impression opportunities for brands to connect with them.
Rediscover Classic Categories
Sometimes, the key to success lies in tried-and-true products that have stood the test of time. Classic categories can often provide a sense of reliability and nostalgia that newer items cannot.
- Drinkware: Always in demand, branded drinkware like mugs, bottles, and tumblers remain favorites. They offer daily utility and long-term brand exposure.
- Writing Instruments: Pens and notebooks are staples in any office or home. They are affordable and offer a high repeated impression value.
Leverage Seasonal Opportunities
Aligning your promotional products with seasonal needs can boost their relevance and utility.
- Summer Essentials: Items like sunscreen, sunglasses, and beach towels can make great giveaways during the summer months.
- Holiday Themes: Planning ahead for holiday-themed products can help you tap into festive marketing campaigns.
Embrace Eco-Friendly Options
Consumers are increasingly looking for sustainable products. Offering eco-friendly promotional items can enhance your brand's image and appeal to environmentally conscious customers.
- Recycled Materials: These products are not only eco-friendly but also provide ample space for branding. Items made from recycled materials are sustainable and stylish, making them a great choice for modern consumers.
- Bamboo Products: Items made from bamboo are sustainable and stylish, making them a great choice for modern consumers.
Time-Tested Tips for Thriving in a Soft Economy
- Diversify Your Offerings: Expanding your product category range can attract different customer segments and reduce dependency on a single market. From Health & Wellness, to Tradeshow, to Bluetooth Speakers to Lapel Pins, a broad spectrum of product categories can help build your vertical market strategy.
- Focus on Value: During down cycles, people often gravitate toward either low price-point commodity items in larger volumes or, counter-intuitively, big-ticket retail items in hyper-focused VIP segmented campaigns. This phenomenon explains the spikes in premium retail items like Stanley, Yeti, and other high-end brands we've been seeing in the promotional product industry.
- Build Relationships: Foster strong relationships with existing customers through excellent service and personalized touches. Repeat business is often more cost-effective than acquiring new customers. Consider implementing account-based marketing, which focuses on treating individual customer accounts as markets of one.
There are ways to win in any type of economy, even a slow one. The good news is this cycle is far from the worst we've seen, and all signs point to it being shallow and not prolonged. Leveraging a series of smaller trends in confluence can be the key to making big gains.
By staying informed about industry trends and being strategic about your promotional product choices, you can navigate the challenges of a soft economy and still make a significant impact.
We hope these insights help you find hidden opportunities and make the most of your promotional budget in 2024. If you have any questions or need further assistance, feel free to reach out to us. Let's work together to turn challenges into opportunities!
* HPG uses a proprietary blend of industry search engine data (ESP, Sage, Distributor Central, etc.), website activity (hpgbrands.com and hpgbrands.ca) and aggregated sales data to analyze and quantify our trends.