Category product misfire? Inflation hits the United States hard

2023-09-15
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Author:Wan Xuxu
Source: ennews

Online sales growth6.8%, US e-commerce growth slows down

 

According to data released by the US Department of CommerceIn the third quarter of 2021, the growth rate of e-commerce in the United States slowed down, and consumers' offline spending has surpassed that of online spending.

 

Based on the data,Its online sales in the third quarter reached204.62 billion US dollars, compared to 191.57 billion US dollars in the same period last year, an increase of only 6.8%,AndThe 9.2% year-on-year growth in the second quarter of 2021 slowed down again.

 

But compared to the pre pandemicCompared to the third quarter of 2019, e-commerce sales increased by 45.6%. Due to the COVID-19, people's spending patterns have changed, resulting in an increase of 19.11 billion dollars in online revenue in the third quarter of this year.

 

In addition, the online penetration rate in the United States has also decreased, but the magnitude is relatively small, from the same period last year18.8% decreased to 18.1% in the third quarter of 2021. From the data perspective, online sales still account for the largest proportion of all spending channels for American consumers.

 

And this is closely related to the fact that American consumers are more willing to shop online, which has led to an increasing proportion of digital products in retail sales year by year. In addition, during the epidemic, many offline stores were forced to close, and most offline consumers also turned to online shopping, ultimately creating stickiness for online shopping.

 

B2b category product misfire? Inflation hits the United States hard


Although currentlyThe online sales share of all channels in the United States has not exceeded20%However, as the epidemic was brought under control and people were encouraged to shop offline, the penetration rate of online sales did not immediately decline.

 

In fact, the impact of the epidemic has not only ignited a large number of outdoor products, but also led to a thriving online sales in the United States. But nowadays, various factors such as inflation in the United States have led to a decline in consumer spending power, and the growth rate of e-commerce has also slowed down, which may have a certain impact on the sales of cross-border sellers.

 

The growth rate of the bicycle market has slowed down and will increase again next year

 

Due to the impact of the supply chain, the rapidly growing bicycle market during the epidemic was put on a brake.

 

according toData from NPD Group as of October 2021,In the pastIn the past 12 months, the revenue of the US bicycle market has increased by 3% compared to the previous year, slightly exceeding $8.4 billion.andDuring the same period last year,BicyclicSales have increased45%.

 

NPD Sports Industry Analystthink,last yearAppearingfastGrowth isAffected by the epidemic. stayepidemic situationDuring this period, provide social connections, outdoor leisure, and sports activitiesbicycleproductReceived a welcome.Meanwhile,Bicycle accessoriesHelmets, shoes, and glovesThe surrounding products have also achieved rapid growth.

 

Currently,The highest selling categories areMountain BikeChildren's bicyclesElectric bicycles and road bicycles. The fastest growing one is electric bicycles,In the past two years, the sales of electric bicycles have increased240%.This is because electric bicycles meet the needs of the elderly, facilitate participation in outdoor activities at home, and address the commuting needs in densely populated areas during the epidemic.

 

As for the reason for the slowdown of bicycles this year,NPD believes that it is mainly influenced by the supply chain, especially someThere is a serious shortage of components for mountain bikes, high-end road bikes, and some fitness bikes.However, this situation is expected to improve.

 

according toNPD's inventory data indicates that the sales to inventory ratio of many of these bicycle categories is increasing. At the same time, some policies of the US government will also promote the growth of bicycle sales.

 

Infrastructure Investment and Employment ActWill increase the impact onStreet safetyInvestment in,This willHelps reduce cyclingRidersSecurity issues.Meanwhile,United States House of RepresentativesalreadyratifyYesThe Rebuild Better Act is currently under consideration by the Senate.If the bill is passed,Selling price below$4000 electric bikeCan obtain the highestA subsidy of $900, along with a monthly maximum of $81 bicycle commuting benefits.

 

 

Analysts say:If thebillhave toadoptThese will strongly motivate consumers to purchase and ride bicycles.”NPD Group expects that bicycle sales may resume strong growth next year.

 

But the US government has been dealing with the pandemic one after anotherThe "big coin scattering" has also brought serious inflation issues.

Cross border e-commerce platform category products are on fire? Inflation hits the United States hard

Inflation in the United States explodes, hitting five major sectors hard

 

Since the outbreak, the United StatesThe 'throwing money' has exceeded $10 trillion, but in fact, people in the United States still face challenges such as rising prices and supply chain shortages.

 

According to reports, in the past year, the prices of many goods in the United States have been rising again and again. This yearIn May, a large number of people reported economic difficulties and lack of the ability to purchase essential goods, making daily life difficult for many American households, and even millions of households unable to afford heating bills.

 

sinceSince 1996, the inflation rate in the United States has generally maintained a stable range. However, in recent months, the prices of some products have shown an upward trend, with increases far exceeding this level. The search volume for the term "inflation" has also soared to the highest level in a decade.

 

There is data display,Gasoline, natural gas, used cars, meatas well asFurniture and beddingThe five major areas are most affected by inflation,The price increases are respectively50%, 28%, 26%, 15%, 12%. In addition, in the past year,The prices of products such as ham, eggs, pork, washing machines, and dryers have also increased10% -20%.

 

Affected by inflation, the consumption habits of American consumers are also changing in order to minimize expenses as much as possible. A survey shows that there are48% of American consumers willReduce dining out or ordering takeout,30% of consumers willDo not replace existing electronic products (such as phones, tablets),29% of consumers willReduce expenditure on food,29% of consumers willReduce clothing shopping,23% of consumers willDelaying house decoration.

 

Due to various factors such as the epidemic and economic environment, the supply chain crisis in the United States has not been resolved. In addition, the local unemployment rate has skyrocketed, gradually weakening the main consumer force, and purchasing power is much lower than before. During the Black Friday period, sellers from multiple US sites reportedThis year's Black Friday seems even colder

 

According to a report released by Adobe, the online sales of "Black Friday" in the United States this year were $8.9 billion, marking the first time in history that sales declined during the Black Friday period, and even the sales figures for Thanksgiving were lower than expected.

 

In response to this situation, some industry insiders believe that this is due to the impact of the epidemic and supply chain, which has caused online shopping products to be unable to be delivered in a timely manner. Therefore, many local people choose to turn to offline shopping, resulting in a decrease in online order volumeThe combination of online and offline is still the trend of future development.

 

Overall, with the increasing number of shopping applications, the gradual improvement of mobile payments, and the increasingly mature retail market, there is still significant market potential for online retail in the United States in the future.


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