U.S. viewers will spend more on streaming video than pay TV for the first time in 2024, according to the latest research from Strategy Analytics. According to the report, U.S. Subscription TV Forecast, consumer spending on traditional pay TV services fell by 8% to $90.7B in 2020 and will decline further to $74.5B in 2023.

Consumers plan on buying fewer gifts and spending less this holiday season, with an 18 percent reduction in their average budget from last year, a KPMG LLP survey found. Forty-one percent of consumers also said that they are not planning on going to Black Friday sales in person.

New Bain & Company research highlights eight themes for brands to consider as they define strategies for a world changed by COVID-19, which has forced potentially dramatic new directions in consumption, altering behaviors in ways that few would have imagined. Some of these trends are clearly here to stay, for others the jury is still out.

According to Forrester, consumers no longer need to trade off price, convenience, and emotional experience when making buying decisions. They expect new products, services, and delivery models to cater to all attributes at once. As a result, the future of B2C buying is not a shift from traditional to digital or an abandonment of self-service in favor of delivery; it is all the above.

Strategy Analytics forecasts that global consumer and advertising spend on TV and video will grow from $490 billion in 2017 to $559 billion in 2022 -- an increase of $69 billion. Spend on over-the-top (OTT) video will account for 90 percent of this growth, according to Strategy Analytics’ Television & Media Strategies (TMS) report, “TV’s Transformation: A Unified TV and Video Market Perspective.”