But where are the cheddar-jalapeño Goldfish? [Ragnar Schmuck via Getty Images]
Stocks rose yesterday despite a troubling inflation report. Inflation spiked 7% last month, its biggest jump since 1982. To get kids back into classrooms, President Biden plans to distribute an additional 500M free rapid tests to US schools starting this month.
Airbnb on wheels… When your weekend getaway is the red Mustang. Turo, which bills itself as the world’s largest car-sharing platform, has filed to go public. Unlike Avis-owned Zipcar and competitors that own shared cars, Turo lets private car owners rent out their Porsches and pickups — and then takes a cut from both owners and renters.
Car ownership = soo last century… according to Turo, at least. US households spend, on average, $11K on getting around, mostly with personal cars. But it’s twice as pricey to own a midsize car as it is to rent one. As auto prices soared on pandemic supply shortages, most younger drivers say they’d prefer not to own. Cue: booming interest in car sharing.
Mobility companies are counting on a revolution… Turo’s betting on a “new world of mobility,” which it’s estimating has a total addressable market of $230B — almost 200X as large as the car-sharing industry’s projected annual revenue. Uber, Lyft, and Getaround also have plans to build a future on shared mobility. Think: scooters, rentals, and ride-hail. But Turo’s vision will become reality only if car-sharing overtakes car-owning — a big if. US car ownership has risen in the past decade, with consumers spending 70X more buying cars in 2021 than sharing ’em.
Pairs perfectly with a buttery chardonnay... cheddar-jalapeño Goldfish? The classic field-trip snack is getting an adult twist: Campbell Soup's Pepperidge Farms released a line of supersized Goldfish “Mega Bites” in sharp cheddar and jalapeño flavors. Goldfish said it's the first snack it’s created for grown-up tastes.
The snack that smiles back... If you hear the ’90s jingle in your head, Campbell is succeeding. The soup legend thrived early in the pandemic as homebound Americans stocked up on its pantry staples, like Snyder's pretzels, SpaghettiOs, and... Campbell’s soup. There was a Goldfish shortage in April 2020, and millennials even started buying canned soup — "a trend that many believed was not possible," Campbell's CEO said.
Let the customer choose your market(ing)... In the ’60s, Goldfish were marketed as bar snacks (Julia Child paired ’em with martinis). In the ’90s, Goldfish began marketing to kids by adding smiles to the fish faces. Goldfish chose kids as a target market, but adults chose Goldfish. Now that grown-ups are driving snack growth, Goldfish is pivoting to become “a beloved brand for adults.”
Authors of this Snacks own shares of: CVS, Walmart, and Uber