Sketched, the consumer in 2024
Before taking a short holiday break, this week we revisit key trends from the past year across, technology, the consumer, the economy, sustainability, and financials.
While many consumers enjoy the mayhem of the Black Friday retail sales events that follow Thanksgiving, others prefer to shop from the comfort of their couch. According to the US Census Bureau, ecommerce sales rose 7.3% YoY compared to 2.1% growth in total retail sales in 3Q24.
Source: US Census Bureau, November 2024.
In the next few years, the consumer class in Asia is expected to grow significantly. The growth will most likely be driven by rising incomes, urbanization, digitalization and in some countries by population growth. As more people in Asia move into cities and see their incomes rise, they will have more disposable income to spend on consumer goods.
Source: World Data Lab, February 2024.
Fashion is a large and growing industry, with textile production reaching a record 124 million ton in 2023. Newly made polyester, also called virgin polyester, made up nearly two-thirds of this total, far surpassing more environmentally friendly alternatives like cotton, according to a recent Textile Exchange report.
Source: Textile Exchange, October 2024.
Over the last ten years, the Knight Frank Luxury Index, a proxy for luxury collectibles prices, is up 100%. Nonetheless, on average luxury collectibles have a hard time keeping up with a collection of publicly listed companies. Only rare whisky bottles have outperformed the S&P 500 in the past decade. On a global measure, wine and watches also outperformed the MSCI All-Country World Index.
Source: Knight Frank, 2024.
Athletic footwear brands have been competing to design the fastest running shoes for decades, but Nike upped the ante in 2017 when it debuted the Vaporfly, its first commercial running shoe incorporating a carbon-fiber plate in the midsole. Rival athletic brands have since caught up with Nike, notably Adidas with its Adizero Pro Evo meant to be worn only for a single marathon. As World Athletics regulation prevents athletes from running with the most innovative shoes and super shoes remain expensive to produce, the next leg of innovation might well focus on production.
Source: Financial Times, World Athletics, July 2024.