Beach reads

With spring break coming up, I find my mind wandering a lot toward my time on the sunny beaches of Florida. Now, most people might be thinking about the fantastic tan they're going to get or the delicious beverages they might consume while laying out. But an extremely pale and nerdy person such as myself doesn't care about those things. No, I've been thinking about what I'm going to read while I sit covered in my SPF 1324102349876 sunscreen. In past years, I've solved this conundrum by heading over to the university book store and swiping some good chick lit beach reads or wandering into The Bookery and buying a good used book. But this year, I just couldn't bring myself to do it. "Swiping things home" has never had the appeal for me that it does for other people...my parents don't pay those bills (and never have), so it's still my money in the end. But that hasn't stopped me before. Now, though, I found myself asking if it was worth it, and answering myself with a resounding "no."

So what is a poor bookworm like me to do? Well, I took the route that in years past might have seemed like the most obvious answer, but now--with Kindles and iPads and swiping things home at the bookstore--seems a bit obsolete. I wandered deep into the bowels of Leyburn and scoured the shelves for appropriate beach reads. It was a bit of a challenge, because obviously the library's main point is academic material, but eventually I emerged with five good contenders that I'm looking forward to cracking open next week. The best part? It took me fewer than 10 minutes and cost me absolutely nothing.

--Erin Galliher

to study or to shop...

It’s not so surprising that the last two of my blog posts (out of three…) towards the end of the term have a topic that I thought of while procrastinating. Regardless, while sitting in the library among other “studiers,” I decided to look at some of my favorite store’s websites. Not that I had any intention to buy anything now, but at least a fourth of the time I spend on the sites, I actually do purchase something.

I’m sure I’m not in the minority. I began to wonder how strong college students’ spending is online. Furthermore, did these stores advertise online? How did they get those students to visit their site?

A two-second Google search confirmed my assumption: A study by Experience, Inc. (a career services provider) found that 98% of college students have bought a product or service online.

What was surprising was that the same study found that students are extremely responsive to online advertising. Personally, I figured most would simply find them annoying. The research said that more than 50% have bought a product or service based on an online ad and 34% said Internet ads were the most influential way to motivate them to learn more about a product or service. Not surprising, however, is that the study found that a contest or promotion offering value was the most appealing advertisement to the group.

So there it is, I’m not the only procrastinator on jcrew.com and, it’s true, show me a sunny banner ad with a pretty j.crew dress and I’m sold. You can’t blame me… I’m in the library…

-Alex Harper

Finding Your Inner pre-Prince Aladin

In this economic downturn, I’ve seen students do some truly creative things to try and save money. Why, just last week, I happened upon the commons during a cookie social and saw several students who had the right idea: unfold your napkin and stock up for later. I’m not saying that anyone at school is particularly starving and needs to store up some rations because they don’t know where their next meal will come from. But there is something to be said about forward thinking. Instead of spending 5 bucks at Kroger on a pack of Chips-a-hoy, why not take an extra cookie or two from the commons and save it for that sweet tooth later. Another place students are scoring swag? At the co-op after hours when they have to give all of those salads and sunrise sandwiches away. In this economic downturn, not only are students tapping into their inner pre-Prince Aladin, but they are doing so in style.

--Markheavens Tshuma

DVR: Procrastinating and Its Effects

While I was sitting here (pretending to be) trying to come up with what I would blog about next, I decided to watch the LOST that I missed last night. Afterwards, I realized I could not have named a single commercial that I saw, thanks to my DVR. Everyone wonders, but I've never heard a real answer: to what degree has the DVR killed the commercial?

The first article I found on the topic confirmed what I already knew: A study by the DVR Research Institute named "Advertising in the DVR Age" said 75% of advertising executives don't consider themselves to have relevant information about how DVRs are impacting advertising strategies.

The study continued, however, to give some interesting statistics:

1. By the end of 2011, DVRed TV will account for 46% of total TV watching time.

2. Between then and 2008, DVR use will have doubled.

3. People are estimated to skip 70% of the ads when DVRing.

4. By 2011, 16% of all commercials are expected to be skipped.

And the most telling:

5. With advertising expenditures estimated at $85 billion by the end of 2011, fastforwarded commercials result in an opportunity lost of about $14 billion.

Imagine what that lost $14 billion could do if it was spent on something else. Rather than be wasted, that cash could have been invested or spent.

So how do I think this money could go to better use?

1. Put the commercial first in the break. At least when I DVR, I don't start skipping until the commercials begin. I never see the ones in the middle of the commercial breaks.

2. Leave the brand on the screen for as long as possible. The more frames with the name the better, as viewers always see at least a few seconds of screenshots. This may at least remind the viewer that the brand exists and a few seconds of advertising is more effective than none.

3. Make the commercial interesting and worth rewinding. If I see a favorite celebrity or something that seems funny happen on a commercial, I'll definitely rewind to watch. This is good news for viewers and a interesting challenge for advertising agencies, as the typical mom-with-dish-detergent commercials will no longer be effective.

4. Advertise during a time of the day or during shows with with less DVRing. I always record my shows, but I know my mom does not bother recording The View. If companies want to reach a certain audience, catch them at their calmest.

In this economic downturn... ad agencies better make their client's money effective.

-Alex Harper

What about Fancy Dress?

As everyone on the Washington and Lee campus knows, this past weekend was Fancy Dress. The 103rd Fancy Dress, to be exact. Clearly, it’s become something of a tradition—a tradition that’s extraordinarily well put together and anxiously-awaited every year. But it’s also become an expensive tradition: this year (as in past years), a single ticket to FD cost $55. If you also wanted the accoutrements—T-shirt, poster, cups, playbill—you paid $70. Over four years, you’re looking at almost $300 just for the dance. Add in dinner, and that cost just jumped up...and if you happen to be paying for two, forget it.

Don’t get me wrong—I went to FD this year, as I have the past three years, and I had a great time. But now that it’s all over, I can’t help but ask myself if it was worth it. Many people wouldn’t hesitate to answer that question affirmatively. Generally, I would agree—but after adding up everything I spent on all four FDs, and realizing that between dresses and tickets alone (I’ve been lucky enough to have built-in frat house dinners all four years) I’m between $500 and $1000 poorer than I would be without FD, my reluctance in saying it was worth it grows. After all, it really is just a dance—a very elaborately decorated, well-planned, huge deal kind of dance, but still just a dance. And I don’t think that in the next few years, when I’m (if I get lucky) in some kind of entry-level job, I’ll be willing to pay anywhere near that much for a dance. Or for any party, for that matter. I know I’m not entirely alone—most of my friends had at least some off-hand comment about the expense of Fancy Dress. But that expense doesn’t seem to stop most people (myself included) from actually going. Maybe the real world is too far way, and even though we all know we’re going to have to do some major budgeting in the coming years it hasn’t yet trickled down to what we’re doing now. Maybe it’s peer pressure—no one wants to be the Debbie Downer when it comes to Fancy Dress. Or maybe, when you’re actually caught up in the excitement of it all, there just isn’t time to worry about how much it costs. And maybe that’s the point.

-Erin Galliher

Sandra Bullock

In this economic downturn, people are focusing their time, money and resources on the little things. Why just the other day, I saw hoards of students lining up to see a free screening of The Blind Side at the commons theater. I know that the film has been getting accolade after accolade, and it’s no wonder that people are curious to see the performance that beat Meryl Streep for the Oscar. But I can’t help but wonder if pinching pennies had anything to do with people’s decision to attend a free screening rather than go out to bars, see a show in town, or simply hit the sauce. With less and less money students are spending more of their free time on free, or significantly cheaper, events. Think about it. One night out on the town can cost you upwards of 30 dollars. Why not split a bottle of wine with a friend instead? Retail value: four bucks each… way cheaper. Watching a movie in town? $8.50 if you don’t buy snacks. The cheap alternative? Use your food debit to buy some raisonettes and go see Sandra Bullock’s most recent star turn since she stole our hearts in Speed. Total cost? Nothings (assuming you have a meal plan… otherwise about $2.50) The conclusion? This economic downturn is encouraging people who normally wouldn’t to give Sandra Bullock a second chance at a career.


--Markheavens Tshuma

The economic implications of snow

After a second-straight weekend of being snowed in my house, I was forced to think of nothing but the weather. Of course, snow affects everyone’s lives to some degree. School is canceled, causing elated children. A foot of snow is predicted, causing shelves at grocery stores to empty within hours. This cause and effect relationship was clear when the big snowstorm hit the east coast right before the holidays, causing mall traffic to decrease 10%. The same storm, however, caused online retail sales to be 22.4% greater than those seen in 2008 (http://bit.ly/9bqwB5).
Those are the obvious impacts of snow. However, as we have discussed in class, economics is a study of people, or more eloquently, “A social science that studies how individuals, governments, firms and nations make choices on allocating sources.”

I realized that the record-breaking snowfalls seen in our region have had a much deeper, more personal impact on the economy. Not only does the inclement weather impact qualitative details, but it affects the people who make up the U.S. economy, which does not need more damage done. These influences include causing many to become unable to report to work, either by having to stay home with the children or being literally snowed in and unable to leave.

Washington, D.C. Employment Attorney Camilla McKinney told WUSA-9 that an employer, in most circumstances, has a right to request for an employee to report to work. However, employees can most likely respond with a request to work from home, use a leave or use a personal day (http://bit.ly/d9g1DI).

But what for those on hourly compensation who need every dollar they can get? Or what if those options aren’t there? Should the employee ask for a day off without pay?

These circumstances just show the circular aspect of our country’s economy. When those people can’t get to work, they aren’t paid, so they are forced to cut back on spending since they are bringing in less money. As businesses earn less money, job loss occurs and so on and so on.

IN THIS ECONOMIC DOWNTURN (and crazy winter)… just realize that every action has a reaction, and another, and another, and another (that may be less obvious and more personal).

-- Alex Harper