This Week In Marketing: Barney’s New York Is Back (As A Beauty Brand) and more

According to a new report from The Wall Street Journal, Instagram engagement is on the decline, seeing a significant drop in user engagement in Reels specifically. This makes TikTok the leading platform for creators and consumers of entertainment. 

 What do businesses need to know?

TikTok users are spending 10x as many hours consuming content in that app as Instagram users currently spend viewing Reels. According to a leaked internal report, Reels engagement is also in decline, dropping 13.6% in recent months – while ‘most Reels users have no engagement whatsoever.’ The decline of Meta’s social platforms means that it may be beneficial to make changes to your current marketing strategy. If you didn’t have TikTok incorporated into your strategy before, now is the best time to do so. 

 In Other News…

Barney’s New York is returning as a brand after filing for bankruptcy. The restored brand will sell beauty and wellness products, including bottled water. Barneys New York partnered with Gloent Group, a Korean-based lifestyle company. The revived collection will be available online in October and will be introduces at additional retailers in the fourth quarter of this year. 

 A report by Deloitte anticipates that shoppers are pulling back on their spending, with overall retail sales predicted to increase by just 4 to 6 percent in the holiday season, compared to last year's 15.1 percent increase in holiday season sales. 

 What do businesses need to know?

 For businesses that are dealing with excess inventory, bundle deals can help retailers simultaneously cut down on unwanted goods and encourage shoppers to buy more--so long as the bundle deals make sense, says Alan Andrew Scheller-Wolf, a professor of operations management at Carnegie Mellon University.