Weekly Roundup #5: The Holiday Spending Outlook is Sluggish Across Thousands of Retailers
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The CNBC Supply Chain Survey reveals that logistics companies are not expecting a surge in demand during the peak holiday shopping season due to cautious inventory management by retailers. The U.S. economy is at a turning point in consumer spending, leading retailers to make careful inventory decisions. Even major retailers like Target are experiencing reduced consumer spending, including everyday items. Trucking firms are facing conditions similar to a severe recession within the freight market. Consumer spending concerns are reflected in the lack of significant orders from retailers as the holiday shopping season begins. C.H. Robinson, a major logistics firm serving 7,500 retailers, notes that customers are cautious due to inflation, economic uncertainty, and the risk of recession. Wholesalers and small to medium-sized retailers are still destocking, while the national inventory-to-sales ratio has returned to pre-pandemic levels, primarily due to the largest retailers.
According to a report from Xeneta, shipping liner companies are experiencing a challenging period as ocean freight demand declines and capacity increases, leading to maritime container shipping rates falling below their pandemic peaks. Looking ahead to 2024, the report highlights six key issues that will shape the industry, including growth in demand and supply, volatile spot rates, and carriers aiming to increase spot rates through smart capacity management and General Rate Increases. The current rates are considered unsustainable, and carriers must navigate new environmental regulations that could impact their capacity utilization.
Siemens, Ericsson, Schneider Electric, and DigitalEurope have expressed concerns about proposed EU rules targeting cybersecurity risks of smart devices. They warned that these rules could disrupt supply chains on a scale similar to the disruptions caused by the pandemic. The proposed legislation called the Cyber Resilience Act, would require manufacturers to assess the cybersecurity risks of their products and take measures to fix any problems for five years or throughout the expected lifetime of the products. Importers and distributors of internet-connected devices would also be subject to these rules. The companies have called for a scaling back of the list of higher-risk products and more flexibility for self-assessing cybersecurity risks.
Read more on this week's highlights
Dive deep into research
‘Multi-dimensional supply chain flexibility and supply chain resilience: the role of supply chain risks exposure’ by Piprani, A.Z., Jaafar, N.I., Ali, S.M., et al (2022)
‘Smart green supply chain management: a configurational approach to enhance green performance through digital transformation’ by Lerman, L.V.,?Benitez, G.B.,?Müller, J.M.,?Renato?de Sousa, P.,?Frank, A.G. (2022)
Upcoming events
Explore events happening in the supply chain and related industries
When: 22. November 2023
Where: Munich, Germany
What: Whether sensor technologies for healthcare solutions, new charging solutions for electric cars, chatbots, or intelligent drinking cups - guests can be sure to dive deep into the Bavarian startup scene at the Startup Demo Night. Get to know a variety of exciting startups from a wide variety of industries, try the ideas and products yourself and get in touch with founding teams, investors, and company representatives in a relaxed networking atmosphere.
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When: 28. - 30. November 2023
Where: Nuremberg, Germany
What: BrauBeviale has something in store for every beverage producer and bottler of beer, mineral water, soft drinks, and juices, as well as wine, sparkling wine, and spirits. Along the process chain of beverage production, suppliers present their products, solutions, and services - from raw materials to filling, packaging, and marketing at the point of sale.
When: 28. - 30. November 2023
Where: Antwerp, Belgium
What: As the only dedicated maritime breakbulk event in the European hub of the industry, AntwerpXL attracts over 3700 leading cargo owners, EPCs, freight forwarders, ports, and more from every corner of the globe.?
When: 29. November 2023 - 01. December 2023
Where: Berlin, Germany
What: In today’s rapidly evolving business landscape, the demands of delivering products are necessitating fresh approaches for resilient and sustainable supply processes. The focus has shifted towards minimizing waste in production, promoting end-of-life recycling, and maximizing energy utilization, driving the transformation towards a more cyclic supply chain. Join the summit to explore and embrace the exciting opportunities presented by this transformative era.