Space advertisements closer to reality - October 6, 2022

Executive Leadership Briefing

The majority of CEOs are preparing for a recession according to a new survey with 91% of CEOs reporting they think a recession will happen in the next year. While most CEOs reported optimism in their companies’ ability to handle the economic downturn, a number of businesses announced layoffs and rollbacks of ESG programs to soften expected financial losses. KPMG CEO Paul Knopp noted a recession will not hit all industries evenly, with companies in the tech and mortgage industries likely to suffer the most. The report warned that companies attempting to recover from the COVID-19 pandemic also run the risk of suffering disproportionately from a large economic setback such as a recession.

The U.S. murder rate increased at a slower pace in 2021 compared to the previous year according to data released by the FBI. Economic pressure and labor shortages within law enforcement were highlighted by some experts as major contributing factors to crime in the U.S. The new crime report is notable for including more details about crimes than before, however observers noted the amount of law enforcement agencies contributing to the report was significantly lower than past reports and consequently painted a less clear picture of crime in the U.S. Moreover, some reporters pointed out the country’s most populous metropolitan areas, Los Angeles and New York City, had their numbers estimated by the agency because some police departments in the cities did not report their statistics.

Mortgage rates surged to their highest point since the peak of the 2000s housing bubble with the average rate for a 30-year mortgage at 6.75%. Applications for home loans and refinancing plummeted as a result of steadily increasing mortgage rates. Hurricane Ian added to the falling demand, with applications from Florida dropping by roughly 31%. Wall Street firms warned the housing market is likely headed toward a significant slowdown as home prices dip from record highs and are likely to decline more as the Federal Reserve combats inflation.

Space billboards could turn a profit for companies even as their projected costs reach as high as $65 million according to new research. Russian scientists proposed a constellation of roughly 50 satellites that could arrange themselves into shapes and graphics to advertise various products and services while orbiting Earth for about three months. Observers estimate the net income of the project could reach about $111 million if 24 ads are displayed over three months at $4.6 million per ad, less than the cost of a Super Bowl ad. While some argued the paper highlights the viability of advertising in space, critics called the idea of space billboards “dystopian” and unnecessary.

Americans’ holiday travel plans are expected to change as a result of inflation according to a survey from Bankrate. Respondents said they plan to travel for less time, seek out less expensive accommodations and travel to closer locations to save money. The rising costs of gas and airfare were pointed to as principal reasons for altering holiday travel plans, although the number of Americans changing their travel plans varied heavily by income. Notably, while the cost of air travel and lodging surged in recent months, the cost of rental cars plummeted by roughly 6% compared to last year.

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