Nothing New
04/05/2023 |
Prior to Covid, the percentage of new products and services was about 18.5%. Due to Covid, supply-chain breakdowns, inflation, rising interest rates, bulging inventories, and changing work patterns, the percentage of new goods and services fell to 16% in 2022, a decline of about 14%. This is probably why sales were weak this past holiday season and why firms are on the hunt for novelty.