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NRF: Economist says 2023’s consumer spending growth is ‘not necessarily sustainable’ in 2024 Market research 

NRF: Economist says 2023’s consumer spending growth is ‘not necessarily sustainable’ in 2024

GaryPageau
Consumers spent more than expected amid high inflation and high-interest rates during 2023, but spending growth is likely to slow in 2024, National Retail Federation Chief Economist Jack Kleinhenz said today. “The 2023 U.S. economy was marked in large measure by the impressive resiliency of the consumer,” Kleinhenz said. “A year ago, many commentators were skeptical and calling for a... Read More
Circana: U.S. camera sales a bright spot over Black Friday Market research 

Circana: U.S. camera sales a bright spot over Black Friday

GaryPageau , ,
U.S. sales of consumer technology products were generally lackluster over Black Friday Week and Cyber Week when compared to last year, in line with broader discretionary general merchandise spending trends, according to industry research firm Circana (formerly NPD). While sales declined during both of these two big holiday promotion weeks, Black Friday Week performed better with a 3% year-over-year decline... Read More
NRF: $743 Billion in Merchandise Returned in 2023 Market research 

NRF: $743 Billion in Merchandise Returned in 2023

GaryPageau ,
Retailers have been focused on efforts to mitigate returns, as total returns for the industry amounted to $743 billion in merchandise in 2023, according to a report released by the National Retail Federation and Appriss Retail. As a percentage of sales, the total return rate for 2023 was 14.5%. According to the report, for every $1 billion in sales, the... Read More
IDC forecasts spending on GenAIsolutions will double in 2024, grow to $151.1 billion in 2027 Market research 

IDC forecasts spending on GenAIsolutions will double in 2024, grow to $151.1 billion in 2027

GaryPageau ,
An updated forecast from International Data Corporation (IDC) shows enterprises will invest more than $19.4 billion worldwide on GenAI solutions in 2023. This spending, which includes GenAI software as well as related infrastructure hardware and IT/business services, is expected to more than double in 2024 and reach $151.1 billion in 2027 with a compound annual growth rate (CAGR) of 85.9%... Read More
NRF: Census Retail Sales Numbers ‘On Track’ With NRF Holiday Spending Forecast   Market research News 

NRF: Census Retail Sales Numbers ‘On Track’ With NRF Holiday Spending Forecast  

GaryPageau ,
November results reported by the U.S. Census Bureau today show holiday season retail sales appear likely to meet the National Retail Federation’s forecast, NRF Chief Economist Jack Kleinhenz said. “Today’s report highlights consumers’ strength and continuing capacity to spend,” Kleinhenz said. “Jobs and wage gains together with falling energy prices have supported holiday shopping as we predicted. Lower inflation for... Read More
US Chamber: Small business index drops as small businesses’ confidence in the economy falters Market research 

US Chamber: Small business index drops as small businesses’ confidence in the economy falters

GaryPageau ,
The Q4 MetLife and U.S. Chamber of Commerce Small Business Index shows small businesses’ confidence in the economy dropping nearly eight points from Q3. The Index score, which measures small business owner confidence, fell to 61.3 from 69.2— a return to the scores seen earlier this year and in late 2022. Small businesses’ worsening view of the national economy and their local... Read More
CNBC/NRF Retail Monitor shows strong retail sales gain for first half of holiday season Market research 

CNBC/NRF Retail Monitor shows strong retail sales gain for first half of holiday season

GaryPageau
The holiday shopping season got off to a good start in November as retail sales showed strong gains, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released today by the National Retail Federation. Click here to access November retail data. “November Retail Monitor data shows that consumers are embracing the holiday season and promotions being offered by retailers,”... Read More
NRF: 2023 economy has seen ‘vigorous growth’ despite recent slowdown Market research 

NRF: 2023 economy has seen ‘vigorous growth’ despite recent slowdown

GaryPageau ,
After a year of challenges, the economy has proven to be healthy even as it continues to slow, said Jack Kleinhenz, chief economist, NRF, at a briefing. “The U.S. economy is on track to end 2023 with vigorous growth for the year,” Kleinhenz said. “A strong labor market, rising wages, and access to excess savings have helped spending continue despite... Read More
IDC: Smartphone shipment to return to growth this quarter Market research 

IDC: Smartphone shipment to return to growth this quarter

GaryPageau
Worldwide smartphone shipments are forecast to see 7.3% year-over-year growth in the fourth quarter of 2023 (4Q23), according to the  (IDC) Worldwide Quarterly Mobile Phone Tracker. The improved forecast for the holiday quarter follows the modest improvement in 3Q23 without further inventory buildup, which has led some channels and major OEMs to ramp up their business plans for the months ahead.... Read More
NRF: Thanksgiving holiday weekend sees record number of shoppers Market research 

NRF: Thanksgiving holiday weekend sees record number of shoppers

GaryPageau , , ,
A record 200.4 million consumers shopped over the five-day holiday weekend from Thanksgiving Day through Cyber Monday, surpassing last year’s record of 196.7 million, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. The figures surpassed NRF’s initial expectations of 182 million shoppers by more than 18 million. “The five-day period between Thanksgiving and... Read More
Rise Above Research announces research report schedule Market research News 

Rise Above Research announces research report schedule

GaryPageau
Rise Above Research has announced a slate of new photo/imaging marketing research reports. 2023 US Photo Merchandise Study – The annual US consumer study that focuses on the photo merchandise market, specifically photo cards, photo books, photo calendars, and photo wall/tabletop décor. For 2023, Rise Above Research asked some new questions on photo apparel as well, which replaced questions on... Read More
NRF: Census says retail sales grew year over year in October but growth continued to slow Market research 

NRF: Census says retail sales grew year over year in October but growth continued to slow

GaryPageau
Retail sales kept up a long streak of year-over-year gains in October even though the rate of growth continued to slow, National Retail Federation Chief Economist Jack Kleinhenz said in response to the U.S. Census Bureau’s release of monthly retail sales data today. “Fourth-quarter consumer spending stepped off on a more moderate pace, as expected,” Kleinhenz said. “The staying power... Read More
NRF: More people than ever expected to shop during Thanksgiving Holiday weekend    Market research 

NRF: More people than ever expected to shop during Thanksgiving Holiday weekend   

GaryPageau
An estimated 182 million people are planning to shop in-store and online from Thanksgiving Day through Cyber Monday this year, according to the annual survey released today by the National Retail Federation (NRF) and Prosper Insights & Analytics. This figure is 15.7 million more people than last year and is the highest estimate since NRF began tracking this data in 2017.... Read More
Shutterfly survey reports young consumers prefer physical holiday cards Market research News 

Shutterfly survey reports young consumers prefer physical holiday cards

GaryPageau
Shutterfly released the results of a survey of 2,000 adults conducted by OnePoll regarding trends in holiday cards and gifting across both product categories, spanning generations. The survey found a resurgence in the popularity of tangible holiday expressions and that traditional physical cards and personalized gifts reign supreme in conveying the sentiment of the season, the company said. According to... Read More
NRF: 2023 holiday to reach record spending levels  Market research 

NRF: 2023 holiday to reach record spending levels 

GaryPageau
The National Retail Federation (NRF) forecast that holiday spending is expected to reach record levels during November and December and will grow between 3% and 4% over 2022 to between $957.3 billion and $966.6 billion. “It is not surprising to see holiday sales growth returning to pre-pandemic levels,” said Matthew Shay, President and CEO , NRF. “Overall household finances remain... Read More