News

Industry Updates

March 23, 2023
Yeti Recalls 1.9 Million Coolers and Cases for Magnet Hazard
Yeti has recalled 1.9 million soft coolers and gear cases because of magnets that could detach and be ingested. The magnet-lined closures on Yeti’s Hopper M20, Hopper M30 1.0 and 2.0, and SideKick Dry products could fail and the magnets could dislodge, according to the U.S. Consumer Product Safety Commission (CPSC). Yeti issued a Stop Sale notice on these items in early February. See SGB Executive coverage on the recall HERE and the resulting economic impact of the massive recall HERE. | More Information 



Report: U.S. Retail Sales Climb 6.9 Percent in February
According to Mastercard SpendingPulse*, U.S. retail sales excluding automotive were up 6.9 percent year-over-year (YOY) in February. “Following a dynamic holiday season, consumer spending returned to a familiar and healthy balance in February,” said Steve Sadove, Mastercard senior advisor and former CEO of Saks, Inc. “Consumers have remained resilient, prioritizing discounts where possible to counteract inflationary pressures.” | More Information


 

ASA Report: Economic Contributions of Recreational Fishing
The American Sportfishing Association (ASA) released its 2023 Economic Contributions of Recreational Fishing: U.S. Congressional Districts Report, an update to the data collected by the ASA in partnership with Southwick Associates, which noted angler participation and the economic impacts across all 50 states and the country’s 435 congressional districts. America’s 52.4 million anglers contribute $148 billion to the economy and support 945,500 jobs in the U.S. while contributing $1.8 billion towards conservation. While jobs supported include the manufacturing and selling of fishing equipment and gear, recreational fishing also supports jobs in other industries, including hotel lodging, restaurants, charter boat trips, and more. | More Information 


'Pause' on Credit Card Tracking Code Welcomed but Firearm Industry Keeping Watchful Eye
VISA, Mastercard and Discover – all announced they were “pausing” efforts to implement a newly-created Merchant Category Code (MCC) to track gun store purchases. NSSF worked diligently with lawmakers in several states and the federal government last year when the International Organization for Standardization (ISO) adopted a credit card tracking scheme proposed by antigun activists at Amalgamated Bank and The New York Times. The result is several states are on the verge of passing legislation that would block the use of firearm retailer-specific code and protect the privacy of customers of firearm retailers, including West VirginiaFlorida and Mississippi. Congress is also looking at the issue. | More Information 


Easter Spending Expected to Reach Record $24 Billion
Consumers plan to spend a collective $24 billion on Easter this year, up from $20.8 billion in 2022 and the previous record high of $21.7 billion in 2020, according to the annual survey released today by the National Retail Federation and Prosper Insights & Analytics. Eighty-one percent of Americans will celebrate the holiday and spend an average of $192.01, the highest figure on record. | More Information



Industry Updates

March 10, 2023
SGB Question: Is the Supply Chain Crisis Over? 
SGB Executive reached out to industry executives to get their perspectives on the supply chain’s ongoing recovery efforts. Responses surveyed from Case And Zippo, Cascade Designs, Hot Chillys, Land Energy, Lowa, NetVirta, Reima, The Woolmark Company, Tread Labs, TRE US, and Vibram are outlined. | More Information 


Helly Hansen Recalls Workwear for Failing to Meet Flammability Standards
Helly Hansen, in compliance with the U.S. Consumer Product Safety Commission and Health Canada, recalled 12 adult workwear sweatshirts and hoodies for failing to meet flammability standards. The garments are 100 percent cotton or 95 percent cotton/5 percent elastane and sold in gray, navy and black. The HH Workwear label appears in the neck seam, and the Helly Hansen label is sewn into the inside bottom right front. The inside seam label includes the size, fiber content and washing instructions. The garment style number appears on a tag affixed under the inside seam label. Approximately 13,900 skus were sold in the U.S. and another 128,680 were sold in Canada. Consumers should stop wearing the recalled garments and contact Helly Hansen for a full refund or replacement or receive a credit toward the purchase of a  replacement upon submitting a photograph of the garment cut in half by emailing highpri.support.na@hellyhansen.com. | More Information 


NICS Checks Dip in February
The February 2023 NSSF-adjusted National Instant Criminal Background Check System (NICS) figure of 1.34 million represented a decline of 0.6 percent compared to the February 2022 NSSF-adjusted NICS figure of 1.35 million. For comparison, the unadjusted February 2023 FBI NICS figure of 2,502,385 reflected a 0.5 percent decrease from the unadjusted FBI NICS figure of 2,514,818 in February 2022. | More Information


Imports Expected to Slowly Climb, But Should Remain Below 2022 Levels Through Mid-Summer
 Import cargo volume at the nation’s major container ports is expected to begin slowly climbing again this month after February saw one of the lowest levels since the beginning of the pandemic, according to the Global Port Tracker report released by the National Retail Federation and Hackett Associates. “There are many uncertainties about the economy, but we expect imports to show modest gains over the next several months,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “Growth is a positive sign, but levels are still far below normal and retailers will remain cautious as they work to keep inventories in line with consumer demand.” | More Information 


NSSF: Firearm and Ammo Vendors Have Contributed Over $25 Billion to Conservation Fund
NSSF, The Firearm Industry Trade Association, is celebrating the U.S. Fish and Wildlife Service’s recent announcement that $1.6 billion will be apportioned to state conservation and wildlife access programs, driven mostly by firearm and ammunition manufacturers. The record-setting distribution of funds comes from the Pittman-Robertson and Dingell-Johnson excise taxes paid by the firearm, ammunition and angling industries. | More Information 



Toy Association Unveils Top Toy Trends of 2023
This year’s biggest trends in toys, play, and kids’ entertainment strike a balance between turning back to classic play and leaning into new platforms, technologies, and consumer spending habits to drive innovation across the toy space. New data1 to support the “kidult” trend has also proven that play isn’t just for kids, and this year, there are new demographics of consumers that toymakers will focus on for growth opportunities. These and other top 2023 toy trends were announced today by The Toy Association during The Play Date, its exclusive Q1 media event held in partnership with Adventure Media & Events in New York City. An in-depth version of the briefing, featuring more product examples and insights, is now available online. | More Information 


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 


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