Gen Z shoppers are more open to new brands, are high-frequency shoppers and they spend extra time considering their purchases, according to Morning Consult research.
FINANCE
Crocs (USA) has reported record annual revenues rose 54% to $3.6 billion after a strong finish to the year. Revenue for the quarter ended December 31 rose 61% to $945 million.
Hermes (France) reported annual profits increased 38% to $3.65 billion, on sales of $12.4 billion.
- Asia-Pacific sales, excluding Japan, rose 22%. US sales grew 40%.
Kering (France) said Kering said its biggest brand, Gucci, saw a 14% drop in sales in the three months to the end of December in part due to pandemic restrictions in China. Sales of its ‘other brands’ fell 4% in the quarter.
- Overall fourth-quarter revenue fell 7% to $5.7 billion.
CONSUMER MARKETS
Why Trust is Becoming the Key Brand Success
When asked about the biggest challenges they face, brands will typically list rising costs, inflation’s impact on consumer spending, ensuring supply chains are responsive and resilient, meeting increasingly tough compliance standards, as well as other issues.
What rarely makes the Top 10 list is customer acquisition and retention. Not that anyone would deny that this is a critical part – perhaps even the key – to staying alive as a business.
When the issue is put on the table, the focus is on innovation (newer and better products), technology (more tech apps on web sites or in stores) or being more visible where GenZ hangs out.
However the bigger issue that brands and retailers need to tackle – not just this year but going forward -is that of trust.
Unquestionably, for consumers across all demographics trust – in anything-is at an all time low.
Consumers rank 9 brand attributes; top trusted brands
PODCAST
How to Engineer Your Way to Faster Sales Growth
Typically marketing and sales are handled by a company’s marketing and sales team – who, not surprisingly, approach the task using the standard marketing and sales tools.
But what if we could uncover hidden opportunities or boost our success rate by taking an entirely different approach?
In this podcast Timothy Partasevitch, Chief Growth Officer at Smart IT, talks about why we need to try to solve business challenges like an engineer – by focusing on data insights, analyzing what works, what doesn’t, and what can be improved from a technical and financial perspective.
You’ll Learn:
- How B2B businesses can create a marketing strategy that drives sales.
- Why marketing and sales should be one department – not two.
- The value of building a marketing process.
- Why sales engineering should be your primary strategy.
RETAIL
The RealReal (USA) is laying off about 230 employees, or 7% of its workforce as it struggles to make a profit in the increasingly competitive resale and rental sector.
Neiman Marcus (USA) has joined other retailers in announcing that it plans to cut 5% of its workforce.
MARKETS
U.S. January retail sales (excluding gasoline, autos and restaurants) rose 1.5% year-on-year, per the National Retail Federation. Overall retail sales increased 3%, their fastest pace in almost two years, per
- Clothing and clothing accessory stores were up 2.5%.
- Sporting goods stores were up 0.2%.
- General merchandise stores were up 3.2%.
UK policymakers are ready to slow down the pace of interest rate rises at their next meeting in March, a senior Bank of England official has hinted, as they wait for the impact of previous rate rises to feed through to the economy.
Germany will be the only large economy in the European Union to suffer a recession this year, according to predictions by the European Commission.
- The nation’s economy contracted 0.2% at the end of 2022 and is expected to contract by the same amount in Q1 2023.
- However, the German economy is forecast to grow 0.2% for the full year.
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