The news: Citi Wealth is collaborating with BlackRock to create a customized portfolio offering for its clients, per a press release. The new offering is scheduled to launch in Q4 2025 pending regulatory approval. Our take: Citi is leveraging BlackRock's scale and expertise to focus on its core strength: personalized, high-level advisory services. This is part of CEO Jane Fraser’s broader strategy to streamline operations and boost profitability in Citi's wealth management division. In addition, this move highlights the opportunities that partnerships create. In this case it allows Citi to offer more personalized services through a new platform as well as through the more efficient personalized guidance of experts. This follows the bank’s recent deployment of two new AI solutions that will supercharge client communications.
PayPal will work with Nova Credit to broaden its underwriting process across its portfolio of consumer credit products, per a press release. PayPal’s current steps only broaden underwriting for US consumers. However, using Nova Credit internationally could open up even more lending opportunities in areas like Latin America and India, where there’s less access to traditional credit products.
Fiserv acquired CardFree, expanding Clover’s hospitality offerings for merchants, per a press release. The payoff from Fiserv’s recent acquisitions in Europe, like AIB Merchant Services, will take some time to materialize in earnings. If Fiserv can integrate CardFree’s offerings in Clover before it rolls out in Europe, it might get the momentum it needs to thwart more dismal investor reactions for a later earnings release.
American Express debuted a co-branded airport lounge at YUL Montréal-Trudeau in partnership with Aspire Executive Lounges, per a press release. All eyes are on Amex as the Platinum card refresh draws near. Amid a steady drip of card teases, it’s no surprise that international locations are getting extra love from the issuer: International consumer card volume increased 15% YoY per Q2 earnings, over double US card volume. Strengthening its rewards to align with international cardholders’ taste has huge return value for Amex.
The US economy is showing signs of strain just as retailers prepare for the holiday season, with weak job growth, rising unemployment, and soft consumer sentiment adding to inflation and tariff pressures. August saw only 22,000 new jobs created, while job cuts rose and openings fell to a two-year low, underscoring a fragile labor market. Consumers remain pessimistic, tightening their spending plans despite potential Fed rate cuts. Our outlook is cautious: holiday retail sales are projected to grow just 1.2%, forcing retailers to lean heavily on promotions and loyalty-driven discounts to capture demand without eroding margins.
The news: Zip partnered with Nift to bring AI-powered “thank-you” gifts to its checkout flow, per company announcements. The integration brands send Zip users tailored offers after making a purchase, aiming to strengthen loyalty while creating new ad inventory. Our take: Zip’s tie-up with Nift illustrates how fintechs are positioning themselves not only as payment providers but also as media channels. The average BNPL users will spend more than $1,600 a year by 2029, per our forecast. As spend per user climbs, Nift’s native, post-checkout placements with conversion rates up to 10% will be especially appealing to both Zip and brands.
Value-focused grocers are aggressively expanding as cost-conscious consumers seek affordable options, with Aldi set to open 225 US stores in 2025, Trader Joe’s adding 41, and Lidl continuing steady growth in key metro areas. Inflation pressures and lingering COVID-era costs are fueling a surge in private-label demand, which grew 4.4% year over year compared with 1.1% for national brands. These chains’ differentiated private-label strategies are driving above-average foot traffic, underscoring their appeal. The takeaway for competitors is clear: prioritize value while building unique private-label lines that strengthen margins and deepen customer loyalty.
The news: CVS is expanding primary care services at its MinuteClinics via partnerships with health systems, per Modern Healthcare. The final word: We don’t see CVS’ MinuteClinic affiliations with healthcare providers as a signal that retail healthcare is making a comeback. CVS is in a different position from other retail clinic operators since it can steer Aetna members to its medical services. But consumers have made it clear that they’re not too interested in getting healthcare at drugstores where unhealthy items like junk food are sold—especially when there are a plethora of other options. Companies that want to stay in the retail clinic space would be wise to position their services around nutritious food items, OTC health supplements, and pharmacist support to show folks they’re serious about being a patient care destination.
European regulators are warning consumers about a recent spike in counterfeit versions of Eli Lilly’s and Novo Nordisk’s GLP-1 weight loss drugs. In addition to the physical dangers, illegal GLP-1 drugs create a perception problem, as consumers may not understand the difference between fakes and official products. Drugmakers must continue to educate consumers, disavow the fakes, and double down on anti-counterfeiting measures. In Europe, especially, they need to repeat warnings from regulators and detail the risks to healthcare providers, pharmacies, and consumers.
The trend: US consumers are prioritizing health and wellness more than they did in the past, according to KPMG’s Consumer Pulse Summer 2025 report. Our take: Wellness is a major trend, especially for younger generations who are exposed to health content on social media and are open to trying new products and services. To capitalize on this, brands offering nutrition, sleep, health apps, and fitness products should partner with credible wellness influencers to reach Gen Z and millennials. Brands that are not as well known for health and wellness but operate in tangential markets (e.g., food, beverage, and CPG) can also tap into the wellness boom by incorporating more protein-rich, natural, and plant-based products into their offerings
Despite persistent inequities in the US healthcare system, Black, Hispanic, and Asian consumers are more positive about health and wellness. They actively look for and buy healthcare products and information online. To effectively reach Black, Hispanic, and Asian consumers, marketers should consider the following: Reflect their positive outlook on health and wellness. Be specific about how your brand can help. Use digital channels and social media to create engaging, educational videos. Partner with health influencers to connect with these younger, culturally aware audiences.
For podcasts that run under 15 minutes, an average of 21.8% of the play time is ads, according to an August 2025 report from Magellan AI.
The news: Microsoft will avoid a major EU antitrust fine by agreeing to sell its Teams app separately from Office 365 and Microsoft 365. Brussels is set to approve the deal after a positive market test, with no strong objections from rivals or customers, per Bloomberg. As part of the settlement, Microsoft must not only unbundle Teams but also lower prices on Office packages without it and improve interoperability with rival apps such as Zoom, Slack, and similar productivity tools. Our take: Microsoft sidesteps a fine but loses its bundling edge. The move levels the playing field for Slack, Zoom, and others—while showing the EU’s playbook is evolving from punishing fines to behavioral change.
The news: The EU fined Google $3.5 billion for abusing its dominance in digital advertising. Regulators say Google used its control of the ad tech supply chain to shut out rivals, squeeze publishers, and limit advertiser choice, per The New York Times. Our take: Google can still cut deals to soften compliance terms, but the trend points toward tougher oversight and fewer compromises. For advertisers, that means preparing for a future where Google’s ad stack may be pried open—whether by negotiation or by mandate.
Linear TV ad spending will drop more than 11% in 2026, reaching $139.1 billion, per a World Advertising Research Center study cited by MediaPost. Linear has dropped 28% in absolute dollars in a 12-year period. The format’s share of global media has plummeted: Spending now accounts for 12.4% overall, compared with 41.3% in 2013. Ad spending shifting away from linear might align with consumers’ shift to digital, but linear’s potential to generate action remains stronger than CTV, which means brands need to use a diversified channel strategy.
The news: Connected TV (CTV) is overtaking linear as television’s growth engine. Once the undisputed king, linear TV has fallen to just 12% of global ad spending, while CTV is on pace to exceed 40% by 2030, per WARC Media’s Global Ad Trends report. CTV already accounts for nearly half of viewing hours, fueling billions in ad revenues for Netflix, Amazon, and YouTube. The shift signals not just changing audiences but also a fundamental rewiring of how ads are bought, measured, and monetized. Our take: CTV is moving from experimentation to expectation. With US spending expected to balloon in the next few years, the question isn’t if brands should shift budgets—it’s how fast. CMOs who lean into retail integration and creative innovation while demanding accountability will set the pace in a US CTV market projected to reach $51 billion by 2029. Those who wait risk losing share as CTV matures into advertising’s most measurable channel.
The NFL is challenging Nielsen’s ratings accuracy, with chief data and analytics officer Paul Ballew telling the Wall Street Journal the firm is “systematically undercounting” millions of viewers. Nielsen countered that its new “Big Data + Panel” product—combining set-top box data with digital signals from 45 million homes—makes this season the most accurate yet. The dispute highlights mounting pressure on Nielsen as streaming reshapes sports viewership. While rivals gain traction, Nielsen remains the dominant measurement firm, but slow integration of first-party data from streaming services leaves major partners like the NFL frustrated. The debate underscores urgency in modernizing TV ratings.
NFL RedZone will bring ads to the current NFL season, stepping away from its commercial-free roots for the first time. Ads will initially only account for 1 minute of RedZone’s seven hours of content but could expand to 2 minutes during the season, per AP News. With attention shifting to digital live sports and RedZone’s availability on ESPN’s new DTC streaming service, advertisers have the opportunity to tap into broad audiences in a format that is likely to be more tolerable to viewers than traditional TV ads.
Trading card mania is proving to be a profitable tailwind for Target, eBay, and Walmart, as high-profile releases and collector enthusiasm drive spending. The market for toys is increasingly being driven by demand for collectibles like Labubus and trading cards. That demand is strongest among adults, who see these items both as fun indulgences and investment opportunities.