NYC Advertising Industry Booms Amid Diversity Gaps
Jul/24/2024
Over the past two decades, New York City's advertising industry has surged by 49.5%, outpacing the 36.7% growth rate of the private sector, with 69,800 jobs and a median salary of $91,712. However, a report from the Center for an Urban Future highlights significant racial disparities, with Black and Hispanic/Latino New Yorkers underrepresented. While non-White workers in the advertising sector increased from 27.9% to 33.7% between 2000 and 2022, this is still far below the 64.2% representation in the city's overall workforce. Black and Hispanic individuals constitute only 7.7% and 14.8% of the ad workforce, respectively, compared to their 20.7% and 27.6% shares in the broader job market. These workers also earn less than their White and Asian counterparts. The report suggests that increasing diversity in advertising could significantly contribute to a more equitable economy. It recommends initiatives like expanding recruitment from local high schools and colleges, and adopting more skill-based hiring practices to bridge the gap. Chart below shows the percentage of people belonging to historically underrepresented racial or ethnic groups among Fortune 500 chief marketing officers (CMOs) in the United States from 2021 to 2023.
U.S. E-commerce Sales Forecast to Hit $1.2 Trillion in 2024
Jul/18/2024
U.S. online retail sales are projected to grow 9.8% to $1.2 trillion this year, as e-commerce continues its upward trajectory, according to FTI Consulting. E-commerce is expected to constitute 22.7% of the total retail market share in 2023, up from 21.6% last year, with online sales growth contributing to 57% of total retail sales in Q1—its highest rate since 2017, excluding the pandemic period. Although the mid-teen annual growth rate of the pre-pandemic decade has moderated, e-commerce sales are anticipated to maintain "high- to mid-single-digit" growth for several more years. FTI Consulting's research underscores the ongoing dominance of e-commerce, predicting a plateau at around 35% of total retail sales within the next decade, with several categories like consumer electronics and home furnishings already reaching this threshold. J.D. Wichser of FTI emphasizes the need for businesses to adopt omnichannel integration and technological innovation to stay competitive. The retail sector is already adapting by transforming stores into fulfillment centers and incorporating AI. Further projections by Forrester suggest that U.S. online retail sales could reach $1.6 trillion by 2028, comprising 28% of the total retail market. Following chart shows the E-commerce share of total retail sales in the U.S. from 2000 to 2023.
Apple Files Opposition Against ORAIMO's 'FREEPODS' Trademark
Jul/23/2024
On July 22, Apple Inc. filed an opposition against ORAIMO TECHNOLOGY LIMITED's trademark application for 'FREEPODS', which includes a range of audio and charging devices such as headphones, loudspeakers, microphones, and battery chargers. Apple contends that 'FREEPODS' is confusingly similar to its own series of trademarks, including 'IPOD', 'AIRPODS', 'AIRPODS PRO', 'AIRPODS MAX', 'HOMEPOD', 'HOMEPOD MINI', and 'EARPODS'. Apple's opposition highlights the potential for consumer confusion due to the similarity in product categories and the established recognition of Apple's trademarked products in the audio and electronics markets. Visualisation below shows detailed information about the 'FREEPODS' trademark application.
Chinese Firms Lead U.S. Solar Panel Manufacturing
Jul/17/2024
Chinese firms are significantly ramping up solar panel factory construction in the U.S., positioning themselves as dominant players in the nascent industry, even as non-Chinese plants struggle to compete despite subsidies. A Reuters analysis predicts that by next year, Chinese companies will command at least 20 gigawatts of U.S. solar panel manufacturing capacity, sufficient to satisfy half the nation's demand. This surge in production, while aligning with President Joe Biden's climate agenda to foster clean energy jobs, highlights a growing reliance on a geopolitical rival as the U.S. transitions from fossil fuels to renewable energy. The accompanying chart illustrates the comparative trademark filings related to solar and photovoltaic panels by U.S. and Chinese companies in 2023 and the first half of 2024.
