Circana Forecasts Decline in Office Supplies Sales for 2024, but Signs of Stabilization Emerge
15 Agosto 2024 - 10:01AM
CHICAGO, August 15, 2024 – According to the latest Future of
Office Supplies forecast from Circana™, overall United States sales
revenue for the office supplies* industry is projected to decrease
by 4.9% in 2024. However, 2024 is anticipated to continue the
industry’s gradual recovery, with revenue and unit declines
expected to soften to less than 2% through 2026, signaling a trend
toward stabilization.
“The unpredictable demand swings caused by the pandemic are
finally behind us, leading to a more stable office supplies sales
cycle moving forward,” said Ben Arnold, industry advisor, Office
Supplies, Circana. “Even as some businesses encourage a return to
the office, hybrid work schedules have become the new norm across
most of the United States. As a result, people are now buying
office supplies for themselves that they previously relied on their
offices to provide. Brands and retailers must stay attuned to these
evolving consumer needs to deliver value in this changing
landscape.”
Key trends and resulting growth opportunities from the report
include:
- As economic
pressures persist, value will continue to be a crucial factor in
office supply purchases in 2024 and beyond. Circana data
indicates that the average selling price (ASP) for office supplies
is expected to decrease by nearly 2% in 2024, attributed to factors
including marketplace sales and private label brand growth, a
continued shift to online retail, and a dynamic promotional
environment.
- The
back-to-school season remains a key time for office supplies sales,
but there is increased competition with technology products as
consumers and school systems refresh their products. In Q3
2024, office supply revenue is forecasted to fall by 2.6%, showing
improvement from Q3 2023 (-5%). Brands and retailers can maximize
growth this back-to-school season by finding opportunities to
innovate or repackage traditional supplies to appeal more to
students, parents, and school systems.
- The rise of
digital creators and the do-it-yourself trend is boosting interest
in coloring and art supplies, presenting growth opportunities.
Traditional products for productivity and creation are still
right-sizing from the heights of the pandemic, but digital creation
has taken off — there has been a 36.4% increase in digital
point-and-shoot camera sales year to date. Consumers are
increasingly eager to create and share content and social media
trends are contributing to emerging pockets for growth. For
instance, the popularity of #ColorWithMe videos on TikTok
correlates with a modest 2.4% increase in unit sales of paint
markers despite overall declines in total writing instruments.
While consumer trends around creators are primarily digital, they
have the potential to be adapted for traditional offline media and
tools.
Arnold adds: “Growth opportunities still exist and will continue
to emerge in the office supplies sector. It’s essential for brands
and retailers to align their products with the evolving needs of
consumers regarding size and price point, as well as making the
connection between traditional supplies and the trends resonating
most. Additionally, reaching these consumers with effective
messaging at the right cadence will be crucial for success.”
*Office supplies data referenced excludes janitorial, breakroom,
and storage.
About Circana Circana is a leading advisor on the
complexity of consumer behavior. Through superior technology,
advanced analytics, cross-industry data, and deep expertise, we
provide clarity that helps almost 7,000 of the world’s leading
brands and retailers take action and unlock business growth. We
understand more about the complete consumer, the complete store,
and the complete wallet so our clients can go beyond the data to
apply insights, ignite innovation, meet consumer demand, and
outpace the competition. Learn more at www.circana.com.
Janine Marshall
Circana
516-625-2356
janine.marshall@circana.com