{"id":2971,"date":"2024-03-25T17:22:38","date_gmt":"2024-03-25T21:22:38","guid":{"rendered":"https:\/\/asicentral.com\/?p=2971"},"modified":"2024-10-31T11:30:50","modified_gmt":"2024-10-31T15:30:50","slug":"2023-promo-sales-increase-to-26-1-billion-setting-new-record","status":"publish","type":"post","link":"https:\/\/asicentral.com\/press-releases\/2023-promo-sales-increase-to-26-1-billion-setting-new-record\/","title":{"rendered":"2023 Promo Sales Increase To $26.1 Billion, Setting New Record"},"content":{"rendered":"<h5 class=\"l-text\">Despite lackluster Q4, half of distributors boost annual sales across revenue classes.<\/h5>\n<div class=\"col-xs-12 no-padding date-line\"><strong class=\"col-xs-6 no-padding\"><br \/>\nTREVOSE, PA \u2013 February 6, 2024<\/p>\n<p><\/strong>Distributor sales of promotional products reached new heights in 2023, with $26.1 billion in sales, according to the latest analysis from the <a href=\"https:\/\/members.asicentral.com\/\">Advertising Specialty Institute<\/a><sup>\u00ae<\/sup>\u00a0(ASI), the leading technology, marketing and information provider in the promotional products industry.<\/div>\n<p>Distributors demonstrated resilience with a 1.2% year-over-year sales boost, with the total annual tally \u00a0surpassing the industry\u2019s previous record of $25.8 billion, first set in pre-COVID 2019. The growth rate has moderated from 2022\u2019s robust 11.4% and falls below the broader U.S. gross domestic product (GDP) growth of 2.5% in 2023. Despite the tempered pace, the promo industry maintains its upward trajectory, showcasing stability amid changing economic landscapes.<\/p>\n<p>\u201cAgainst last year\u2019s backdrop of economic uncertainties, these results show great promise, speaking directly to the unwavering commitment and tenacity of our distributors,\u201d said\u00a0<a href=\"https:\/\/twitter.com\/Tim_Andrews_ASI\">Timothy M. Andrews<\/a>, ASI president and chief executive officer. \u201cThe positive momentum, fueled by an increasingly robust economy, positions the promo products industry for continued growth and exciting prospects in 2024.\u201d<\/p>\n<p>According to ASI\u2019s sales analysis, the latter half of 2023 saw a deceleration in growth, with larger industry distributors especially struggling. The fourth quarter underscored this trend, reporting a nominal 0.1% year-over-year sales increase for all distributors. Although the quarter marked the 11th consecutive period of growth, the extent of the increase was the most subdued among the post-pandemic recovery phases, reflecting the industry\u2019s nuanced journey through evolving market conditions.<\/p>\n<p>Various factors, including inflation, marketplace uncertainty, recession fears among corporate buyers, and geopolitical tensions, influenced promo investment in 2023, particularly in Q4, promo executives told ASI Media.<\/p>\n<p>\u201cDistributors in our industry did show resilience in the face of what seemed like constant threats to the promo business,\u201d says Nate Kucsma, ASI\u2019s senior executive director of research, who spearheads ASI\u2019s quarterly sales surveys. \u201cEngineering a gain under those circumstances is impressive.\u201d<\/p>\n<p>Mid-sized distributors, with annual revenue between $250,000 and $1 million, experienced the most significant collective gain last year at 3.1%. Notably, 53% of these distributors achieved full-year sales growth, leading among different revenue categories.<\/p>\n<p>Key success factors mentioned by mid-sized distributors included a greater willingness of key clients to spend, effective mining of current customer bases for expanded sales opportunities and successful prospecting leading to new business.<\/p>\n<p>Seth Kaminstein, president of Florida-based mid-sized SK Promotions Inc. (asi\/525995), more than doubled his distributorship\u2019s business to $500,000 in annual revenue. His success was attributed to strong sales techniques and effective customer\/order management, catering to diverse clients such as universities, high schools, healthcare providers, social media influencers, and social events like weddings and bar\/bat mitzvahs.<\/p>\n<p>\u201cOur account base continues to grow thanks to referrals,\u201d Kaminstein said. \u201cThere\u2019s plenty of business out there for all of us. It just takes hard work, great communication, dedication, consistency and solid relationships to grow.\u201d<\/p>\n<p>ASI Research surveyed distributor members in January 2024 about Q4 and 2023 sales performance to determine results.<\/p>\n<p>\u201cLooking forward to the rest of 2024, the current positive economy indicators likely mean a transition to a period of more stable and healthy growth,\u201d Andrews said.<\/p>\n<p><strong>For more information on ASI\u2019s sales reports and research, contact Nate Kucsma at\u00a0<\/strong><a href=\"mailto:nkucsma@asicentral.com\">nkucsma@asicentral.com<\/a><strong>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite lackluster Q4, half of distributors boost annual sales across revenue classes. TREVOSE, PA \u2013 February 6, 2024 Distributor sales&#8230;<\/p>\n","protected":false},"author":10,"featured_media":1482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-releases"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>2023 Promo Sales Increase To $26.1 Billion, Setting New Record &#8226; ASI<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/asicentral.com\/press-releases\/2023-promo-sales-increase-to-26-1-billion-setting-new-record\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2023 Promo Sales Increase To $26.1 Billion, Setting New Record\" \/>\n<meta property=\"og:description\" content=\"Despite lackluster Q4, half of distributors boost annual sales across revenue classes. 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