“Ecommerce exploded when everybody got their stimulus checks,” says marketing superstar Gary Vaynerchuk. “It reminded me how much of a materialistic capitalistic country we are. The numbers are through the roof on food and beverage and things of that nature. Obviously, apparel has been hit in certain ways also. But net-net this is a capitalistic materialistic country and people want to buy things so you’re seeing a ton of activity.”
Gary Vaynerchuk, CEO of VaynerMedia and host of his own “GaryVee” channel on YouTube with 2.6 million subscribers, discusses how ecommerce is booming in spite of the current pandemic:
Ecommerce Exploded With The Stimulus Checks
Ecommerce exploded when everybody got their stimulus checks. It reminded me how much of a materialistic capitalistic country we are. A lot of my businesses are in ecommerce and I was “micro happy.” But I was macro disappointed because I’m hoping that people learn how to save money during this time. With VaynerMedia, my marketing firm, we sit with a lot of Fortune 500 companies that have consumer brands and we’re very involved in a lot of their e-commerce businesses.
The numbers are through the roof on food and beverage and things of that nature. Obviously, apparel has been hit in certain ways also. But net-net this is a capitalistic materialistic country and people want to buy things so you’re seeing a ton of activity. Sports cards are a space I pay attention to. I can’t believe how well it’s doing.
People Still Think Another Stimulus Check Is Coming
I actually think the macro conversation is the way this is all playing out. It’s disguising some of the economic vulnerabilities because we’re still in this cocoon. People still think there may be another stimulus check coming for me. As soon as this is over I’m gonna get a job.
I think the most interesting part of this from a kind of thoughtful economic standpoint it’s kind of that first month to three months or four months after it gets back to normal-ish. I’m really eyeing February, March, and April of next year where I think that you could see a dip because people will say wait a minute we’re in something bad. Right now I think it’s fake to some people.