Black Friday to Cyber Monday Sales Are Slated to Hit a Record $75 Billion, Bain Report Predicts

By Staff
Friday, October 4, 2024 3:37 PM U.S. retailers are bracing for strong Black Friday to Cyber Monday (BFCM) sales outlook. A new report from Bain & Company, predicts sales will top $75 billion during the popular holiday shopping weekend, up more than 5 percent year over year, outpacing overall holiday sales growth. It’s expected that 8 percent of holiday sales will occur between Black Friday and Cyber Monday in 2024, the highest share since 2019. 

The firm is forecasting that retail momentum will continue to be strong throughout the weekends leading up to Christmas, with a peak shopping day on December 21, the Saturday before Christmas, and December 23, the Monday before Christmas. 

Experts at Bain & Company believed these late-in-season shopping surges are expected to give an additional push to retailers and will deliver strong results in overall holiday shopping numbers this season.

The company added that Cyber Monday has seen its relevance fade, falling out of the top sales days after 2019. Additionally, e-commerce growth has slowed, and many shoppers feel that they can conveniently shop online anytime, with deals extending beyond the core weekend.

Stigma Around Substance Abuse Remains High in U.S., Shatterproof Survey Finds

By Staff
Thursday, October 3, 2024 1:41 PM Despite better education and access to care, the majority of U.S. adults still demonstrate high levels of addiction stigma. A new report from Shatterproof, titled Shatterproof Addiction Stigma Index, shows that 74 percent of Americans don't believe a person with a substance use disorder (SUD) is experiencing a chronic medical illness.  

There are nearly 49 million people in the U.S. aged 12 years and older who are living with SUDs. Meanwhile, less than 5 percent of people who need addiction treatment will ever receive it, making this the nation's most urgent public health issue, according to experts. 

The survey found that the stigma associated with SUDs has created barriers to care and acceptance, with 45 percent of respondents reporting they are unwilling to move next door to a person with SUD.

Additionally, 47 percent of respondents said they are unwilling to have a person with SUD as a close friend. Meanwhile, 43 percent of respondents said that they believe that medications for opioid use disorder (MOUD) are simply substituting one drug addiction for another.

The study did find that some attitudes are changing towards SUDs. Nearly three in four respondents said they agree that fentanyl testing strips should be free and available as a key tool in preventing drug-related fatalities. 

The majority of respondents also felt that more health care providers should offer MOUD, a treatment for opioid use disorder so that they are easily accessible. They also believe that MOUD is an effective treatment for opioid use disorder (OUD). A similar number of respondents felt that treatment strategies are more effective than prison sentences for drug-related, non-violent crimes.

Consumers Are Ignoring Cybersecurity Risks Despite Identify Theft Concerns

By Staff
Wednesday, October 2, 2024 10:04 AM Consumers are not heeding cybersecurity risks, according to a new survey from Nationwide, an insurance and financial services company. Experts are increasingly alarmed by the lack of consumer awareness despite an escalating risk of cybercrime through identity theft and AI-assisted attacks.

New data shows that 80 percent of survey respondents expressed concern about identity theft, however, only 16 percent reported having identity theft insurance. According to Nationwide, 52 percent of consumers encounter threats through spam phone calls, while 47 percent report facing risks via personal email.

Additionally, 41 percent of respondents have either been victims of identity theft or know someone who has, and 33 percent have been notified that their data was involved in a company's data breach within the past year.

Some of the misconceptions consumers have about how they can reduce their risk of cybercrime include:

● 55 percent believe they need a separate policy for each family member.

● 49 percent are unaware of the potential damage identity theft can inflict on their credit score.

● 48 percent think hiring a lawyer is essential to recover their identity.

● 35 percent do not understand how long it takes for their credit score to recover after an incident.

● 33 percent are unsure about the duration required to recover from identity theft. Many respondents said they felt theft coverage was too expensive, with 45 percent saying they would only be willing to spend $24 a month.

Active Hurricane Season Has Little Effect on Gas Prices, AAA Report Finds

By Staff
Tuesday, October 1, 2024 10:02 AM Gas prices remain stable as hurricane season kicks into high gear. Last week, gas prices slipped slightly before sliding back to $3.22 as Hurricane Helene hit the Gulf of Mexico and parts of Florida, according to a new report from the Automobile Association of America (AAA).  

The price of electric vehicle (EV) charging remained unchanged, with demand falling significantly as evacuation orders took hold. There are more than 1.2 million households in America with one or more electric vehicles. The current national average of a kilowatt of electricity at a public charging station is 35 cents. 

New Energy Information Administration data shows that gas demand rose from 8.77 million barrels per day last week to 9.20 as Hurricane Helene made landfall. Meanwhile, total domestic gasoline stocks fell slightly from 221.6 million barrels to 220.1 million barrels, while gasoline production increased last week, averaging 9.8 million barrels per day. The AAA noted that “tepid gasoline demand” and low oil costs will continue to drive fuel costs down well into the close of 2024. 

California remains the most expensive gasoline market, averaging $4.71, followed by Hawaii and Washington. The cheapest gasoline markets can be found in Mississippi, where the average price sits at $2.71, followed by Louisiana and Tennessee. 

The most affordable place to charge a vehicle in the United States is Kansas, averaging 22 cents a kilowatt-hour. Hawaii is the most expensive market to charge a vehicle, coming in at 57 cents per kilowatt-hour.

Many Americans Continue to Live Paycheck to Paycheck, Survey Finds

By Staff
Monday, September 30, 2024 1:34 PM A more positive economic outlook is not translating to improved living conditions for Americans, according to a new survey conducted by PayrollOrg titled "Getting Paid In America." 

The organization, which advocates payroll education, publications and training, finds that 77 percent of workers in America would experience financial difficulty if their paychecks were delayed a week, down 1 percent compared with 2023. PayrollOrg noted that this reflects 78 percent of the population is now living paycheck to paycheck. 

Survey data also shows that a delay of one week in receiving a paycheck would also make it difficult for many Americans to meet their financial obligations. The organization noted that of the 36,729 individuals who responded to this question, 28,375 respondents, or 77 percent, said they would find it somewhat or very difficult to meet their financial obligations.

Many employees are signaling that improved earned wage access would help many Americans stay ahead of debt. According to the survey, 34 percent of respondents indicated they want earlier access to their wages, which is consistent with the 2023 results. 

This steady demand, PayrollOrg stated, underscores the ongoing appeal and importance of flexible wage options in today's workforce.

U.S. News & World Report Issues Its 2025 Best Colleges Guide

By Staff
Friday, September 27, 2024 11:31 AM U.S. News & World Report has announced its 2025 Best Colleges Guide. The guide reflects nearly 1,500 colleges and universities across the United States, using up to 17 measures of academic quality. This year's edition, according to U.S. News & World Report, continues to prioritize social mobility and post-graduate success.

This year, Princeton University took top honors in the National Universities category, followed by Massachusetts Institute of Technology and Harvard University. 

More than 50 percent of an institution's ranking includes varying outcome measures related to its success in enrolling and graduating students from all backgrounds with manageable debt, as well as earnings of post-graduates.

Williams College was named the number one National Liberal Arts College, followed by Amherst College and Swarthmore College. 

The University of California, Los Angeles, was deemed the top public school among national universities. University of California, Berkeley took second place, followed by the University of Michigan in Ann Arbor. 

Spelman College was ranked number one in the category of Top Historically Black Colleges and Universities followed by Howard University. Florida A&M University and Tuskegee tied for third place. 

In the area of social mobility among National Universities, Florida University and the University of California, Riverside, both took top place followed by California State University, Long Beach, and University of California, Merced which were awarded third place. No second place was named in this category.

Parents Are Taking Children Out of Car Seats Too Early, AAA Report Finds

By Staff
Thursday, September 26, 2024 2:47 PM Drivers are being cautioned to make sure that child seats and boosters are securely fastened in vehicles. A new AAA analysis, which examines five years of government crash data shows that the use of these seats declines after the child turns 3 years old, despite the continued need for them. 

According to the National Highway Traffic and Safety Administration, more than 100,000 children were injured in car crashes in 2022. From 2018 to 2022, more than four million children aged 11 years old and under were involved in car crashes, resulting in 547,000 injuries and nearly 3,000 fatalities. 

Follow-up investigations of these crashes found that 74 percent of car seats inspected in 2023 were improperly installed or used. The three most common installation errors were: the car seat installation was too loose, the seat was not tethered properly, or the harness was too loose when the child was secured in the seat. 

New data from the U.S. Department of Transportation finds that the use of child restraints among children reduces fatalities by 71 percent in infants and 54 percent in children between the ages of 1 and 4 years old. 

According to AAA data, nearly 4 in 10 fatalities among children in car crashes were the result of being unrestrained. For infants, the number was 26 percent. Experts at the AAA noted that many parents don’t keep up with adjustments as their children grow or stop using restraints altogether. 

The AAA said in a statement that parents need to be aware that changes in car seat usage should be based on weight, not height. The organization added that nearly 35 percent of children move to booster seats too soon, while almost 94 percent transition to seat belts too soon.

Diners Plan to Increase Spending During the Holidays

By Staff
Wednesday, September 25, 2024 2:38 PM Despite a tough economy, diners are still anxious to enjoy a meal out this holiday season. A new poll, from reservations and experiences platform Tock, finds that 66 percent of poll respondents said they are planning to celebrate the holidays by going to restaurants or bars. Additionally, 65 percent said they are pretty or extremely enthusiastic about the holiday season.

Diners are not waiting around to begin planning their holiday gatherings—31 percent of respondents said they are booking venues three to four weeks out. The most common time to make a reservation is between 4:00 and 6:00 p.m., with 49 percent of respondents noting this is when they will be making their bookings. 

High demand for large party bookings is in the cards for restaurants with 52 percent of diners reporting they are planning group outings of eight or more guests. 

New data shows that 67 percent of diners are looking for more than a standard reservation. The poll found that 44 percent of diners want a holiday-themed meal, while 39 percent reported they want a multi-course meal. 

Tucker noted Tock’s own data shows that enhanced dining experiences generate 30 percent higher checks and 80 percent more repeat customers. He added that 90 percent of guests who book an experience at a business, book another experience on a future visit.

The survey found several trends this season including new data that shows 88 percent of diners are prepared to spend more than they would on a typical night out. Additionally, 17 percent of diners are willing to increase their spending by more than 50 percent.

Halloween Retail Sales Soar Ahead of October

By Staff
Tuesday, September 24, 2024 1:46 PM With more than a month left before Halloween, shoppers are already purchasing items to celebrate the holiday. A new report from the National Retail Federation finds that 47 percent of survey participants have already begun Halloween shopping. This is up from 37 percent five years ago and 32 percent in 2014. 

Total Halloween spending is expected to top $11 billion this year, shy of last year’s record of more than $12 billion. 

New data shows that early demand for Halloween items continues to grow. Approximately 48 percent of respondents said they are making their purchases well ahead of Halloween because they are looking forward to fall. Meanwhile, 38 percent said they want to avoid the stress of last-minute shopping. Additionally, 27 percent said they purchase well in advance of the holiday because Halloween is their favorite time of year. 

Seventy-two percent of consumers said they plan to celebrate Halloween this year, consistent with last year’s record of 73 percent. This year, 67 percent of respondents said they will be spending their time handing out candy, while 52 percent said they will be decorating their home or yard. Nearly 50 percent said they plan on dressing up this year, while 43 percent said they plan to carve a pumpkin. 

The average shopper will spend just over $103 on Halloween items, down $4.62 compared with 2023. Nearly $3.5 billion will be spent on candy, while more than $3.8 billion will be spent on decorations. 

Several costume trends have emerged this year with 2.6 million children planning to dress up as Spider-Man 1.8 million as a ghost, 1.7 million as a princess, 1.6 million as a witch and 1.5 million as their favorite superhero.

Adults will also be getting into the costume spirit, with 67 percent of respondents saying they already know what they are going to wear. Nearly $6 million plan on dressing up as a witch, 3 million as a vampire, 1.6 million as a cat, 1.5 million as Batman and 1.4 million as a pirate. 

Pets will also be included in the fun this year with 10 percent being dressed as pumpkins, 6 percent as hot dogs, 4 percent as bats and 3 percent being dressed as ghosts and bumblebees, respectively.

Travelers Are Less Satisfied With Air Travel in 2024

By Staff
Monday, September 23, 2024 2:35 PM Travel numbers are up, and so are complaints about airports and wait times. According to the 2024 North American Airport Satisfaction Study, conducted by J.D. Power, more than three million passengers passed through Transportation Safety Administration checkpoints at North American airports on July 7 this year, setting a record for one-day passenger volume. 

Minneapolis-Saint Paul International Airport ranks the highest in passenger satisfaction among mega airports, with a score of 671, according to the report. This is followed by Detroit Metropolitan Wayne County Airport at 643 and Phoenix Sky Harbor International Airport at 633.

For the third year in a row, Indianapolis International Airport ranks highest among medium airports with a score of 687 followed by Jacksonville International Airport at 686 and Southwest Florida International Airport ranks third at 675.

Rising costs are having a significant impact on travel satisfaction. In 2024, passengers spent $3.53 per person less than they did in 2023 on food, beverage and other items in the terminal. The decline was greatest among large airports, where passengers have reduced their spending by an average of $6.31.

Passengers are happy to see airports take on a strong identity based on their location, with 70 percent of respondents agreeing their airport reflects a genuine sense of its city or region.

The overall satisfaction score of airports is falling. The average overall satisfaction score when airport terminals are perceived as “not at all crowded” is 736 (on a 1,000-point scale). This figure drops to 429 in terminals that are perceived to be “severely crowded.” However, just 5 percent of passengers say they experienced severely crowded conditions in 2024.

Rent Is Taking a Greater Percentage of Income, U.S. Census Bureau Data Reveals

By Staff
Friday, September 20, 2024 1:03 PM Americans are struggling to pay the rent, according to a new report from the U.S. Census Bureau. New data from the U.S. Census Bureau shows that nearly half of all renter households spent more than 30 percent of their income on housing costs in 2023. 

“The median cost of housing for renters rose from $1,354 to $1,406 (after adjusting for inflation)," said Molly Ross, a survey statistician with the U.S. Census Bureau. "And new data from the 2023 ACS, 1-year estimates, show that the share of a rented household’s income that goes toward these housing costs differs by householder race.”

She noted that according to the U.S. Department of Housing and Urban Development (HUD), households are considered cost-burdened when they spend more than 30 percent of their income on rent, mortgage payments and other housing costs. She noted households spending more than 50 percent of their income are considered severely cost-burdened. 

These figures are even more dire when examining America’s diverse ethnic groups. Black or African American renters saw this number rise to 56 percent of households spending more than 30 percent of their income on housing. Meanwhile, Asian renters spent more than 43 percent of their household income on rent. 

The report found this number was even higher among American Indians or Alaska Natives who spent nearly 49 percent of their income on rent, while 51 percent of Native Hawaiian and Pacific Islanders spent 30 percent of their income on rent.

Global Companies Struggle to Meet Digital Thread Goals

By Staff
Thursday, September 19, 2024 11:39 AM Global manufacturers are increasingly adopting digital resources or product digital threads to stay ahead of the competition. A new report from Tech-Clarity, an independent research firm, titled Integrating Data and Processes Across the Product Digital Thread gathered and analyzed responses from 138 global companies that manufacture products or provide engineering services.

The survey reveals that manufacturers are using digitally-based systems for product design and production. The shift, according to experts, comes from further emphasis on better data integration for programs run internally and across supply chains.

According to the survey, 49 percent of respondents believe the digital thread is important or critical to their company’s success and profitability.

More businesses are reporting that they are achieving their digital thread goals to improve product information and decisions. The result is established traceability early in the front end of innovation through development, manufacturing, service and field operation.

Nearly 70 percent of respondents said digital thread goals help improve product quality, while 55 percent said it assists with better decision-making.

"The current challenge is that most manufacturers don't have fully integrated ERP, PLM, or supply chain systems, let alone integration across these and other domains that carry crucial product information," said Jim Brown, founder and president of Tech-Clarity, which published the report.

Fall Travel Season Hits New Records, AAA Reports

By Staff
Wednesday, September 18, 2024 12:02 PM Summer may be over, but Americans are still making travel plans. According to a new report from the Automobile Association of America (AAA), Americans plan on traveling in record numbers for the fall season.

New booking data shows that travel rates are up by 1 percent for domestic flights and 3 percent for international flights. The data noted that travelers are still paying the same costs to travel as they did last fall. A domestic roundtrip ticket averages $660, while an international roundtrip is approximately $1,315, according to the report.

AAA vice president of travel Stacey Barber said that the fall is a great time for travelers to check out new destinations. She added that Europe, in particular, is a popular spot due to fewer crowds.

“This time of year is known as shoulder season in travel, which means mild weather, fewer crowds and better prices,” said Barber.

The most popular domestic travel spots this fall are Orlando, Boston and Seattle. Meanwhile, the most popular international destinations are Rome, Paris and London.

Many Americans are choosing to see the world by taking a cruise. Domestic cruise bookings have risen 19 percent compared with last fall, and international cruise bookings are up 6 percent. The average cost to cruise from domestic cities is similar to last fall at $2,355, while the average cost of international cruises is up 1 percent to $3,560.

Retail Sales Maintain Strong Growth in August, NRF Says

By Staff
Monday, September 16, 2024 3:27 PM Retail sales continue to show signs of rebound following increased consumer demand in August. The latest CNBC/National Retail Federation Retail (NRF) monitor, powered by Affinity Solutions, shows that lower inflation is helping recharge Americans’ retail habits. 

In August, total retail sales, excluding automobiles and gasoline, rose 0.45 percent seasonally adjusted month over month and were up 2.11 percent unadjusted year over year in August, according to the Retail Monitor. That compared with increases of 0.74 percent month over month and 0.92 percent year over year in July.

Meanwhile, the Retail Monitor calculation of core retail sales, excluding restaurants, automobiles and gasoline, was up 0.17 percent month over month in August and up 1.93 percent year over year. Total sales were up 2.08 percent year over year for the first eight months of the year, and core sales were up 2.33 percent.

Gas Prices Fall as Demand Weakens, AAA Report Says

By Staff
Friday, September 13, 2024 2:55 PM Gas prices continue to plummet as demand falls, according to a new report from The Automobile Association of America (AAA). The report finds that prices have fallen six cents in the past week to an average price of $3.24. Experts with AAA believe the main cause of the dip is low demand and falling oil prices.

Meanwhile, the national average cost for public EV charging slid upward after several months of stability, increasing by one cent.

“There are an ever-increasing number of states east of the Rockies that have some retail gas locations selling regular for under $3 a gallon, so drivers will have more in their wallets with autumn approaching,” said Andrew Gross, manager of AAA Public Relations. “Should the national average fall below $3, it will be the first time since May 2021.”

Gross noted that more than 1.2 million of its members live in households with one or more electric vehicles. The national average for a kilowatt of electricity at a public charging station has reached 35 cents.

New data, from the Energy Information Administration (EIA), shows that gas demand fell last week from 8.93 million barrels per day to 8.47 million. Meanwhile, gasoline production decreased last week, averaging 9.4 million barrels per day.