US Port Volumes, 2024 Beauty Trends, and NRF’s Retail Growth Forecast

by | Jun 10, 2024 | Business Development

Richard Freedhoff

Richard Freedhoff

Director, Business Development

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Container volumes at 12 major US ports are key economic indicators. In 2024, beauty manufacturing will prioritize profitability, quality, transparency, and sustainability. The NRF forecasts a 2.5%-3.5% rise in retail sales to $5.23-$5.28 trillion. A KPMG survey reveals 81% of Canadian retailers see generative AI as essential. Bruce Nordstrom, who led Nordstrom for four decades, passed away at 90.

Tracking US Port Volumes: Maritime Cargo Trends

The volume of containers handled at 12 major US ports is a key economic indicator. In 2022, these ports managed 40% of international freight, highlighting their significance. During the pandemic, volumes surged from 46 million TEUs (2018-2020) to over 53 million TEUs (2021-2022), causing congestion and delays. By 2023, volumes stabilized at 46.67 million TEUs, just above the 2019 record. Monitoring these trends helps supply chain managers understand demand.

Source: Supply Chain Dive

Key Trends in Beauty Manufacturing for 2024

In 2024, beauty manufacturing will focus on profitability, product quality, transparency, and sustainability. Brands will prioritize minimal ingredients, scientific validation, and eco-friendly products like refillable and vegan options. Gen Z will influence natural hair care trends, and small-batch production will support indie brands. Key areas include AI integration, regulatory compliance, and rapid market response.

Source: Beauty Independent

NRF Predicts Retail Sales Growth for 2024

The National Retail Federation (NRF) forecasts a 2.5%-3.5% rise in 2024 retail sales to $5.23-$5.28 trillion, exceeding 2023’s $5.1 trillion. Online and non-store sales are expected to grow 7%-9% to $1.47-$1.50 trillion. Key indicators include 2.3% GDP growth, 2.2% inflation, and 4% unemployment. NRF CEO Matthew Shay noted retail supports 55 million jobs. Strong job growth and wage gains are expected to drive steady consumer spending in 2024.

Source: SCMR

Canadian Retailers Boost Customer Experience with AI, KPMG Finds

A KPMG survey reveals that 81% of Canadian retailers view generative AI as essential for competitiveness, using it for fraud detection, inventory management, and personalized shopping. Currently, 38% have implemented AI, with 39% planning to do so within six months. Retailers expect AI to boost revenue and market share despite challenges like data quality and consumer acceptance.

Source: News Wire

Top Shoe Execs Reflect on the Legacy of Bruce Nordstrom

Bruce Nordstrom, who led Nordstrom for four decades, passed away at 90. Starting at the family shoe store at 9, he became president at 30, took the company public in 1971, and launched Nordstrom Rack in 1973. He retired in 1995, returned as chairman in 2000, and retired for good in 2006. Industry leaders, including Manolo Blahnik and Steve Madden, remember him as a retail visionary and a profound influence on the shoe industry.

Source: Footwear News

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