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Industry Updates
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Industry Updates
NRF Says Census Data Shows 2023 Holiday Sales Grew 3.8% to Record $964.4 Billion
U.S. Census Bureau data shows that core retail sales during the 2023 holiday season grew 3.8% over 2022 to a record $964.4 billion, easily meeting the National Retail Federation’s forecast despite continued inflation and high interest rates, NRF said. Sales for the full year grew 3.6% over 2022 to a record $5.13 trillion. | More Information
Wiley X Announces a Brand Refresh and New Products for 2024
Wiley X, a global leader and pioneer in premium protective eyewear, is excited to announce it will undergo a brand refresh in 2024 that will enhance the company’s dedication to protection, performance and style. As part of this initiative, the brand has refined its values, announced new products, and introduced an updated logo coupled with the new tagline, Protection for Life. “Our mission from day one was to build the world’s best protective eyewear,” said Dan Freeman, CEO and Co-Owner of Wiley X. “Part of that mission is the tireless pursuit of ways to improve our product and our company. That has led us to update our brand by introducing a new logo, refreshed values and all-new innovations in our eyewear.” | More Information
Steve Hornady is Honored NSSF Ken Sedlecky Lifetime Achievement Award
NSSF®, The Firearm Industry Trade Association, today presented its highest honor—the Ken Sedlecky Lifetime Achievement Award—to Steve Hornady, President of Hornady Manufacturing Company, a company known worldwide for its innovative, quality ammunition products.The award was presented at NSSF’s Members Meeting during the industry’s annual trade show, the SHOT Show®. “Steve’s dedication to our industry and to the shooting sports, as well as his generosity of time and support toward organizations working to protect our traditions, are known far and wide,” said Joe Bartozzi, NSSF President and CEO. “I can think of no more worthy recipient of the NSSF Ken Sedlecky Lifetime Achievement Award than Steve. It’s an honor to present this award to him.” The NSSF Ken Sedlecky Lifetime Achievement Award recognizes individuals who have distinguished themselves by their longterm commitment to the success of the industry and by their support of NSSF’s mission to promote, protect and preserve hunting and the shooting sports. | More Information
Valentine’s Day Spending on Significant Others to Reach New Record, NRF Survey Shows
Valentine’s Day is returning to its romantic traditions, with total spending on significant others for the holiday expected to reach a record $14.2 billion, according to the annual survey released by the National Retail Federation and Prosper Insights & Analytics. “Retailers are ready to help customers this Valentine’s Day with meaningful and memorable gifts,” NRF President and CEO Matthew Shay said. “With consumers prioritizing their spouse or significant other this year, retailers expect to see a shift in spending for certain gifting categories.” | More Information
Industry Updates
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Industry Updates
2023 Holiday to Reach Record Spending Levels
The National Retail Federation today 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. Despite a slower growth rate compared with the past three years, when trillions of dollars of stimulus led to unprecedented rates of retail spending during the pandemic, this year’s holiday spending is consistent with the average annual holiday increase of 3.6% from 2010 to 2019. | More Information
NRF Economist Says 2023 Holiday Sales Will Have a ‘Whole New Set of Dynamics’
Every retail holiday season since the pandemic has been unique, and that will be the case again this year, National Retail Federation Chief Economist Jack Kleinhenz said. “This year, a whole new set of dynamics is in place,” Kleinhenz said. “The average household remains on relatively solid financial footing despite pressures from still-high inflation, stringent credit conditions and elevated interest rates. Recent revisions to government data indicate that consumers haven’t drawn down as much of their pandemic savings as believed earlier, and savings are still providing a buffer to support spending. The overall story for this holiday season is that it looks very good.” | More Information
Industry Updates
Hunters Celebrate More Than 25 Percent Surge Over Past Five Years The U.S. Fish and Wildlife Service (USFWS) announced the results of their latest U.S. Hunting and Fishing Participation survey and it shows that some of the positive trends the firearm industry saw over the past few years have taken hold and have likely become more enduring than previously thought. The new data is noteworthy not just because of the direct impacts it represents in terms of supporting jobs and local communities, but also for the substantial funding that goes back to state conservation and wildlife management efforts. | More Information Consumers to Spend Nearly $900 to Celebrate the Winter Holidays Those celebrating the winter holidays expect to spend $875 on average on gifts, decorations, food and other key seasonal items, according to the National Retail Federation’s latest consumer survey conducted by Prosper Insights & Analytics. The amount is $42 more than consumers planned to spend in 2022 and is in line with the average holiday budget over the last five years. | More Information Deloitte: Concerned Consumers Still Expect Higher 2023 Holiday Spend A survey from business services firm Deloitte indicates that consumers will spend more in this year’s holiday season than they did in any since the COVID-19 pandemic. The gain in expected holiday spend to $1,652 each represents a compound annual growth rate of just 2.5%, Deloitte pointed out, but a 14% year-over-year increase. In a somewhat merrier holiday mood, 95% of survey respondents said they plan to celebrate, up from 92% in 2022 and 88% in 2021, reflecting a return to pre-pandemic levels. | More Information |