Industry Updates

February 20, 2023
NRF Says Retail Sales Picked Up in January as Job and Wage Growth and Easing Inflation Encouraged Spending
Retail sales bounced back strongly in January as inflation eased and income grew, the National Retail Federation said. “Despite inflationary headwinds, January retail sales show the resiliency of consumers in how they manage their budgets and make decisions on how, when and where to spend their hard-earned dollars,” NRF President and CEO Matthew Shay said.  “Retailers understand the needs of consumers and have in place the people, processes, and technologies to meet consumers with the right inventory, competitive pricing and great experiences however consumers choose to shop.” | More Information 

ICAST 2023 Registration and Hotel Reservations are Open for All Attendees

ICAST – the world’s largest sportfishing industry trade show – is back with a show floor packed with exhibitors plus all the great events you’ve come to expect including the New Product Showcase, On The Water Product Demo Day, the State of the Industry Breakfast, Lunch & Learn Business Development Seminars, ICAST Cup Bass Fishing Tournament and Buyer Show Specials. For additional show information, go to the new and improved website. The revised website is loaded with all the information you need to have an awesome ICAST experience. Don’t delay! Register today. | More Information 

Industry Updates

January 27, 2023
NRF Says 2022 Holiday Sales Grew 5.3% to $936.3 Billion
 Retail sales during 2022’s November-December holiday season grew 5.3% over 2021 to $936.3 billion, falling short of the National Retail Federation’s forecast amid continuing inflation and high interest rates, NRF said. While holiday growth was less than expected, sales for the year grew 7% over 2021 to $4.9 trillion, meeting NRF’s forecast of between 6% and 8% growth for the year. | More Information

Study: Section 301 Tariffs Hurt American Consumers and U.S.  Businesses Most
The American Apparel & Footwear Association, the Footwear Retailers & Distributors of America, the National Retail Federation, the Retail Industry Leaders Association, and the United States Fashion Industry Association released a study that calls out the detrimental economic impacts of Section 301 tariffs. According to the report, American businesses and consumers were adversely affected by punitive tariffs that began in 2018. The report takes an in-depth assessment of the impacts from the Section 301 tariffs over the last four years on U.S. imports of apparel, footwear, travel goods, and furniture coming in from China. It is based on U.S. government data and responses to a December 2022 survey of American companies sourcing goods from China
. | More Information 

45th Shot Show Concludes with Strong Attendance, Record Exhibit Space
The 45th Shooting, Hunting and Outdoor Trade ShowSM (SHOT Show®), owned and operated by NSSF® — The Firearm Industry Trade Association—was held last week with more events and exhibit space than ever before. Strong attendance, enthusiastic buyers and sellers, and a series of packed special events that collectively made up “SHOT Week” resulted in one of the top-rated SHOT Shows to date. The show spanned Jan. 17-20 at The Venetian Expo and Caesars Forum in Las Vegas. Boasting pre-pandemic level attendance with more than 52,000 industry professionals packing the 13.9 miles of aisles over four days eager to view new, innovative products used for target shooting, hunting, outdoor recreation and law enforcement. | More Information 

Industry Updates

January 17, 2023
NRF Economist Says Balance Between Inflation and Interest Rates is Key to Avoiding  Recession
It’s too soon to say whether the Federal Reserve’s efforts to reduce inflation will lead to a recession, but continuing interest rate hikes increase the chances, National Retail Federation Chief Economist Jack Kleinhenz said. “This year starts with the possibility of easing inflation but also uncertainty,” Kleinhenz said, referring to the interest rate hikes. “There is no easy fix for inflation, and the Fed’s job of trying to bring down rising prices without damaging the labor market or the rest of the economy is not enviable.” “It isn’t impossible to sidestep a recession, but when the economy slows it becomes very fragile and the risk rises significantly,” Kleinhenz said. “If a recession is in the cards, it will likely be rising interest rates that set it off.” Kleinhenz’s remarks came in the January issue of NRF’s Monthly Economic Review, which noted that the Fed increased interest rates another one-half percentage point in December even though year-over-year inflation as measured by the Consumer Price Index fell to 7.1% in November. Inflation was down from 7.7% in October for the fifth consecutive monthly decline after a peak of 9.1% in June. The interest rate hike was smaller than recent three-quarter-point increases but took rates to their highest level in 15 years and showed “the battle against inflation is still at hand,” the report said. | More Information 

Anti-Gun States Renew Attacks on Lawful Firearm Industry in New Year
In anti-gun states, 2023 means new laws are taking effect, including more restrictions on Americans exercising their Second Amendment rights and baseless attacks on the firearm industry that supports that most critical Constitutional right that protects all our freedoms. Fortunately, these attacks are running up against a bipartisan federal law enacted to protect against this very effort. | More Information 

Imports Drop Below 2 Million TEU As Pandemic-Driven Shipping Surge  Comes to an End
With a pandemic-driven surge finally over, monthly import cargo volume at the nation’s major container ports has fallen below the 2 million TEU mark and should remain there through most of this spring, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates. “After nearly three years of COVID-19’s impact on global trade and consumer demand, import patterns appear to be returning to what was normal prior to 2020,” Hackett Associates Founder Ben Hackett said. “Nonetheless, as inflation eases and consumer spending returns, we project that growth will slowly return going into the second half of the year.” | More Information 

Industry Updates

January 2, 2023

Report: Holiday Shopping Seen as Lackluster in Early Season Review 
The first two weeks of December did not bring much holiday cheer after a lackluster Black Friday and generally disappointing November results. U.S. discretionary general merchandise sales revenue fell over 2 percentage points over Cyber Week (week ending December 3) and 5 percent the following week, according to U.S. retailer point-of-sale data from The NPD Group (NPD). Fourth-quarter retail sales revenue through December 10 was 6 percent below 2021 results, and unit sales were down 10 percent. “The traditional feeling of spirited chaos is missing from retail this holiday season, and not in a good way,” said Marshal Cohen, chief retail industry advisor, NPD. “With just weeks to go in the holiday shopping season, momentum and the urgency to shop are still missing, as the consumer’s need to prioritize higher-priced food is impeding discretionary spending.” | More Information 

Office Colosure

December 19, 2022
Happy Holidays to You and Yours
The Worldwide offices will be closed December 23rd & December 26th. We will back in the office on Tuesday, December 27th.

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