Results of the latest quarterly sales survey released by the Advertising Specialty Institute® (ASI), the leading technology, marketing and information provider in the promotional products industry, shows distributor sales and optimism both rose in 2022, with sales reaching $25.8 billion, the previous pre-pandemic high.
“ASI’s findings tell a remarkable comeback story, driven by the agility, resilience and ingenuity of distributor entrepreneurs who powered through a historic downturn to match record sales in record time,” said Timothy M. Andrews, ASI president and CEO.
The just-released Distributor Quarterly Sales Survey from ASI Research shows distributors collectively increased sales 11.4% year over year in 2022 to $25.8 billion, tying the industry’s all-time record high, set in the last pre-COVID year of 2019. In 2020, with businesses worldwide shuttered and live events at a standstill, industry revenue fell nearly 20%.
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As ASI reports, 2022 sales were fueled by a return of events, strong demand and higher, inflation-fueled pricing distributors passed along to end-clients. “The recovery from 2020’s COVID-induced decline has been sharper than I believe most people expected,” said Nate Kucsma, ASI’s senior executive director of research & corporate marketing.
Promo’s renewed power was exemplified by Top 40 distributors 4imprint and HALO Branded Solutions, which both posted annual sales records above $1 billion last year, becoming the first billion-dollar distributorships in the promo industry’s long history.
Notably, 71% of distributors increased their sales in the fourth quarter – not only the highest percentage of any quarter in 2021 or 2022 (when distributors had their greatest rebound from pandemic lows), but the highest of any quarter since ASI Research started tracking the metric in 2010. Overall, the hottest markets in Q4 were, in top five order, education, healthcare, construction, nonprofit and professional services.
ASI Research surveyed distributor members in January 2023 about Q4 and 2022 sales performance to determine results.
SOURCE: PR Newswire
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