Trucking Industry Sees Massive Holiday Season
Merry Christmas from all of us at TopMark Funding! It seems as though Santa has left a present under the tree for the industry as a whole, as the National Retail Federation reports expectations of a record-shattering holiday season of deliveries.
Details
According to the National Retail Federation, sales by dollar are expected to be up between 2.5% and 3.5%, compared to 2023, in 2024. This makes 2024 the largest holiday season since the COVID-19 pandemic locked people indoors and needed things to entertain themselves.
“Despite all the negative expectations that we saw last year, or the year before, about the health of the U.S. consumer, I think this proves that the U.S. consumer is still in healthy shape,” said Mazen Danaf, economist at Uber Freight. “I’m sure you looked at these trends about how much consumers spend on online shopping during Black Friday and Cyber Monday. Both of these were at record levels.”
“Retail sales [are] expected to hit near $1.5 trillion, which is about a 5% increase year over year,” San Spitale, vice President of UPS Capital, which provides cargo insurance to deliveries, said in a statement regarding the holiday season. “Things are jumping off a little better than maybe some thought. Different industries and different verticals have different outputs, of course, and when you start talking about retail, it’s so overarching now, it’s not just the traditional retailers anymore. It’s the online marketplaces.”
Conclusion
With the exception of the COVID-19 pandemic causing a jumping spike in demand that later dwindled down back to normal in the following years, the holiday season seems to follow a pattern every year of being slightly bigger than the year prior. There is a slight chance that this could change in 2025 with the implementation of tariffs to Canada, Mexico and China, but it may not, as the measurement is in dollars, and a tariff ranging from 10% to 25% would cause the number of dollars of goods traveling from point A to point B will no doubt increase due to the added price tag. It will be interesting to see if 2025 follows the tradition of bigger and better holiday rushes, but we are placing our chips on “yes.”
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