I love checking out the different list of economics that give insight into the overall strength of the economy. But, it’s always fun to think about the newest indicators that are a result of new technology, different habits and ways of working. There are a number of economic indicators that I haven’t seen on any list. These are indicators that I notice in passing, these indicators are anedoctal in nature and I wonder if you have noticed them as well. Here are the 25 newest unusual economic indicators you never considered.
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30 Newest Unusual Economic Indicators
Here is my personal list of newest unusual economic indicators that I’ve noticed when having conversations with other people. I’m wondering if you’ve noticed these indicators or if there are trends that you’re seeing that I haven’t mentioned below? Do you have personal experiences with making some of the decisions presented below?
- Legal Weed Sales-Coming from the state of Colorado, you hear a lot about the amount of legal weed that is being sold. Recently, it has been reported that sales are down significantly compared to previous years. While there are more states selling weed legally, it’s also safe to say that most weed aficionados enjoy weed recreationally vs. because of medical usage. Basically, it’s a want versus a need. With record inflation, it’s hardly surprising that people are slowing their roll when it comes to how much cannabis that they would like to enjoy on a daily, weekly or monthly basis.
- Synthetic vs. Human Hair Wig purchases-I’m being totally serious here. Wig wearing is nothing new. For some fans wigs are a great way to change their look depending on how they feel, what they’re doing and where they’re going. There are also those who are dealing with hair loss and where wigs as a way to better manage that situation. Regardless of why people are wearing wigs, there is a very real difference in the cost of purchasing synthetic vs. real hair wigs. Real human hair wigs can range in price from $100-Thousands. Don’t believe me? Google what Beyonce paid for a wig for one of her recent performances.
- Kindle Romance Book Sales Go Up-Traditionally, the worse the economy, the more romance sales go up. But many avid readers are now using Amazon Prime , Audible and other digital platforms to enjoy their favorite romances. It would be interesting to see the data on digital romance book consumption. If you’re interested in writing your own romances as a side-hustle, check out my “Make Money with Ebooks” course today. It has three different tiers that you can choose from:
- Grocery Haul Videos on Social Media-When I first started creating content in the personal finance space it was very normal to see grocery haul videos on people’s social media feeds. Then it seemed like these videos slowly tapered away. I’ve begun to notice a sharp uptick in these videos with shoppers really focusing on how much they are able to save or extend their dollars.
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Economic Indicators You Might Not Have Thought About
- Americans Start Using Hostels and Mid-Range Boutique Hotels-To be honest, I absolutely love staying at hostels and mid-range bougie boutique hotels. But, it’s my view that Americans have been very skittish with the idea of doing this. In my recent stays (think the last 5 years) I’ve increasing noticed a larger number of travelers of ALL AGES staying happily in this type of accommodation. It’s very affordable, usually have wonderful amenities and oftentimes includes a breakfast. I’ve shared a few of my favorites. I do think that currently the Western United States has the best options in this accommodation tier.
- The Pad–Silverthorn, Colorado
- The Society Hotel-Portland, Oregon
- Freehand Hotel-L.A. is the location that I stayed at
- Rewards Points Redemption-For users who organized and rewards point savvy, focusing on optimizing spending in order to strategically earn more rewards points is one financial indicator to track. Are people using rewards points more frequently as the economy tightens up? Or, do we see more rewards points redemptions when people have more to spend and the economy is healthier.
- Cash Freely–This free app helps users optimize their rewards points and educates them on the differences of cash back programs.
- TravelFreely-This free app helps users optimize their travel rewards points and educates them on the different travel rewards programs that they could use.
- Shrinking Coffee Orders-I love ordering bougie coffee, it’s one of my main wants. But, a typical coffee order in Denver has gotten a little…pricy. Typically, I have always gotten the smallest sized cup and optimized free refills. I also will eat before going to the coffee shop most days of the week so that I’m not ordering snacks and other food items unnecessarily.
- Trending Hashtags Such as #Recession-Social media is so interesting as it gives users a real time insight into what people are interested in, concerned about or worried about. The day that #worldwarIII was trending (January 3, 2021) was a little stressful. But, in recent months #recession has been trending on and off consistently and it’s clear that people are worried that a Recession is emmenent. Other trending hashtags could include: #interestrates #debt #debtceiling #savings #earnmore #minimumwage
When Is the Last Time You Used a Buy Now Pay Later Service
- Uptick in Happy Hour Attendance vs. Dinner Nights Out-I love having a nice meal out from time to time. But, I’m much more likely to go to Happy Hour vs. a regular dinner out. The savings is significant and I’m convinced that there are a number of people out there who have begun to say “yes” to happy hour and “no” to dinners out in order to economize and have a pretty similar experience going out.
- Groupon Coupon Usage-Not to be funny but, I’d forgotten about Groupon for years. Then, I met a few people who had purchased Groupons in order to attend different events. It would be interesting to see what the current percentage of organic and return users is to Groupon during inflationary times and low-inflation moments. I think it would be a really interesting piece of data to review.
- Buy Now, Pay Later (BNPL)-This industry is interesting because at the heart of the product is the ability to make and pay for purchases in small increments over time. One unique feature is that the borrower (because these are mini-loans) is able to have their desired item at the time the initial contract is made. Want that new coach-done. Make payments for the next 3, 5, or 7 months. Want to buy gas? Done, make payments for the next couple of months. Want a plane ticket? Done-get on that flight and fly to your destination. The problem becomes how often are borrowers turning to BNPL to afford the things that they want and potentially need?
- Public Transit Usage Goes Up-For the past couple of years, gas has been expensive. In fact, I’ll never get over seeing $7 a gallon gas on a trip to Los Angeles in the spring of 2022. When gas prices goes up, people begin looking for ways to economize their gas spend. For folks in cities and towns with solid public transportation, they may decide that it’s better to take the bus or light rail than to pay to fill up the tank once or twice a week in order to commute to work.
Have You Opted Out of a Subscription to Save Money
- Growth in Electric Bike Sales-And other alternate types of transit such as scooters-Recently Denver, Colorado’s electric bike rebate program was so successful that they used up 3 years worth of budget to meet community demand. Electric bikes are a fun and much more affordable way to get around town and citizens in communities around the world use them regularly. An electric bike (after the initial investment) more than pays for itself over time.
- Decrease in High End Sneaker/Tennis Shoe Sales-I love nice speakers as much as the next person, but it’s not a leap to say that higher end and more expensive sneaker sales will likely drop when the economy gets tighter. In fact, in preparing for this post I read a number of articles alluding to the potential of a downward trend in Nike sneaker sales and how that trend would could impact Nike’s bottom line.
- Uptick in Savings App Usage-New technologies give real time data and insight into the minds of their users. An increase in saving more using an app in order to build a better emergency fund could be an economic indicator that many economists haven’t considered checking out.
- Subscription Dropping-It feels like everything has a subscription option these days vs. annual plans where you can pay at once and get a discount. All of those subscriptions begin to add up and there comes a time (when the economy tightens up) where it’s time to reconsider which subscriptions make sense for your budget and which services you’re actually using. Dropping unnecessary subscriptions is a quick and easy way to free up cash in your budget.
- Iphone vs. Low-Cost Carrier-I am an Android user who owns a MacBook Air-that’s a $1600 dollar laptop. Because of that, I decided that Apple had gotten enough of my money and I proudly use Mint Mobile for my cell phone service. Iphone purchases and monthly payments would be a very interesting area of data to track as the economy ebbs and flows. Also, how much are you paying for your service? I’m paying $35 a month which is much better than the $110 I was paying when I kicked a certain carrier to the curb.
Are You Saying “Yes” to Gig Work
- Uptick in Gig Work-As a side-hustle to supplement income. I have almost always had a side-hustle as a way to supplement my earnings. During really tough economic times, those side-hustles were vital to my financial health. I’m beginning to notice an increase in people talking about making extra money, curious about gig-work and side-hustles in general. What makes gig work so interesting is that many of these are tracked via app usage. Workers are able to opt-in when it’s most convenient for them and say “yes” to the type of gig-work that best suits their personality and personal interests. Here are some examples:
- Love washing clothes but doing like dealing with people face to face? Loopie is a great gig that allows you to do do other people’s laundry from the comfort of your home.
- Charging scooters in towns that have them. You can locate scooters and charge them
- Love people and events? Staff understaffed events by checking apps that are looking for venue staff.
- Doing Your Own Mani-Pedi-There is nothing better than going to the nail salon and getting a mani-pedi. But a weekly, bi-weekly mani-pedi habit can end up being a little expensive depending on your budget. Now there are so many amazing products that allow people to do their own mani-pedis at home. And they actually look good. I’m convinced that the health of the economy influences consumer’s willingness to splash out for their next mani-pedi. Or, to save and do them at home. I’ve shared some links to some cool products. I also think it would be interesting to see how many people are switching to getting their nails done at the local beauty school as well.
- Braiding Your Own Hair-You know people’s wallets are tightening up when they decide to braid their own hair. Braiding your own hair is a phenomenal skill set but it takes TIME. But, with hair braiders charging to wash hair, making demands on how hair should be prior to arrival-its not surprising that people would opt to save money and lose time by braiding their own hair and foregoing their next appointment at the salon.
How Are You Saving Money on Food
- Dollar Tree/Dollar General-One of the weird things about living in my town is that…there aren’t a lot of Dollar Tree/Dollar General stores in my town. In fact, one of the well known ones is temporarily closed at the time this post is being released. I’ve never even been to one that has a refrigerated section and just discovered where one is a few weeks ago-I plan on checking it out soon. Tracking an increase and decrease in sales as they relate to the overall economy. I’ve included a link to a short article about this (Target vs. Dollar Tree)
- Grocery Store You Go To-Lidle/Aldi/Trader Joe’s-Before we get into this, it’s important to note that not every town has all of the stores. In fact, my town only has Trader Joe’s and it literally just has 2 stores. But, growth in Lidle/Aldi or other cost saving grocers would provide fascinating insight into where the minds of shoppers are at. By the way, I love Trader Joe’s but think of it as snacking food vs. real groceries LOL!
- Food Pantry Visits Go Up-One of the most obvious and upsetting economic indicators is food pantry demand. The higher the demand, the more economic pressure-the more likely people will find themselves making choices between buying food and buying gas.
- Applying Your Own False Eyelashes vs. Getting Them Done-False eyelashes are having a moment right now. The bigger the lash, the closer to God. But, they are expensive to get done on a consistent basis. Similar to getting a mani-pedi or braiding your own hair, there may be a point when consumers decide that they will be applying their next set.
- Not Using Your Vacation Time-Americans are known for not using their vacation time and PTO. But, there’s another nuance to this conversation that many people might have forgotten. Fear that if they use their time…they could potentially lose their job.
Plant Parents, Are You Still Buying Plants
- Meal Kit Demand-I love meal kits and specifically order one when I’m returning from a trip. I like seeing the box waiting by my doorstep when I return home. But, meal kits aren’t cheap even thought they can be an incredible time saver. At the time this post is being shared Blue Apron has announced layoffs within its corporate ranks.
- Endless Work Perks-Seen frequently in the tech space, these perks could include: food, transit passes and nap pods. The removal of those perks at some tech organizations has become a very clear change in how companies are choosing to incentivize (or, not) their teams. The more money coming in, the easier it is to say “yes” to the perks. When the economy tightens up-those perks start to go away.
- Indoor Plant Sales-For people who became plant parents during the pandemic, the purchase and upkeep of plants can be really expensive and may be considered a want versus a need or even a frivilous way to spend. The last time I went to a plant store, I was a little shocked by the prices of some of my favorite species of plants. I’m looking at you succulents.
- Bougie Candle Sales-There is nothing better than having a lovely candle flickering on a table lending some ambience to your home. But bougie candles are kind of expensive. Depending on how the economy is doing, candle lovers may decide to say “no” to their next favorite scent.
- Goat Yoga-Or, any of the boutique yoga classes that have become all the rage in the past couple of years. I will share in full transparency that I have attended a goat yoga class but I paid $5 versus the usual $25-$30 a class. I’m also including other unique yoga classes such as having an in-person dj, silent disco or even yoga in a cool location.
What financial indicators are you paying attention to and what financial choices do you make when times are good or bad?
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I am an obsessive foodie, but not self-righteous with it, love travel, meeting new people, helping you look good, and am freaked out by people who don't enjoying reading...something! Grab a Perrier, read my blog, feel free to drop me a line! Hope to hear from you soon.
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