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3 Recent Freight Trends – and How They Could Impact Cyber 5 in 2023
As Amazon sellers learned all too well from the pandemic, global supply chain problems can have ripple effects: a delay at a port in China can drive up shipping prices, cause congestion around the world, jam up warehouses thousands of miles away, and leave customers empty-handed and unhappy.
Luckily, we have largely recovered from the worst of the global shipping disruptions of the past few years. But things are not quite back to normal in the world of freight – or in the highly related world of consumer spending.
At Freightos, we keep a close eye on global supply chains, including retail trends, and how they affect businesses worldwide.
So what’s been happening over the past few months in freight, and how might that impact Cyber 5 and the upcoming holiday season?
Let’s get into three trends and what they could mean for your business in the coming months.
Retail spending increased in September – but a slowdown could be approaching
September consumer data shows retail spending increased .07% compared to August. That’s good news for the holiday season, right?
Well, maybe. Much of the increase is coming from more expensive items bought by wealthier consumers, and along with it, we are seeing multiple signs that a slowdown could be coming, including some spending pull-back among lower-income consumers, a falling personal saving rate, and an increase in late payments on loans, credit cards, and other debts.
However, for the time being, people are still spending. And retailers are hoping that they will continue – and that we begin to truly emerge from the disruption of the pandemic and return to more normal spending and ordering patterns.