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What are the welfare implications of markup heterogeneity across firms? In standard monopolistic competition models, such heterogeneity implies inefficiency even in the presence of free entry. We enrich the standard model with heterogeneous firms so that preferences are non-separable in off-market time and market consumption and show that this changes the welfare implications of markup heterogeneity. In this context, homogeneity of markups is neither necessary nor sufficient for efficiency. The marginal cost of the marginal firm is weakly inefficiently high when off-market time and market consumption are complements and inefficiently low when they are substitutes, and the equilibrium allocation devotes weakly too few resources to firm creation. However, when off-market time and market consumption are perfect complements, markups are heterogeneous across firms and yet the equilibrium allocation is efficient. [ABSTRACT FROM AUTHOR]

Using data from the University of Michigan Surveys of Consumers, we document a significant negative association between consumer sentiment and inflation expectations, controlling for prevailing inflation in the economy. We further show that consumer sentiments of homeowners and stockowners are more sensitive to expected inflation than those of other consumers, a disparity at odds with the notion that owning such assets provides hedges against inflation. Leveraging data from the Survey of Consumer Expectations, we find three factors that help account for this difference. First, assets owners' outlook for the broad economy seems to be more sensitive to their inflation expectations than other consumers' outlook. Second, assets owners appear to expect income growth to lag spending growth by a wider margin than other consumers and that margin widens with inflation expectations. Third, homeowners' inflation expectations tend to be less variable and less volatile than those of renters, which may allow the former to have a greater bearing on consumer sentiments. [ABSTRACT FROM AUTHOR]

We study credit card rewards as an ideal laboratory to quantify redistribution between consumers in retail financial markets. Comparing cards with and without rewards, we find that, regardless of income, sophisticated individuals profit from reward credit cards at the expense of na¨ıve consumers. To probe the underlying mechanisms, we exploit bank-initiated account limit increases at the card level and show that reward cards induce more spending, leaving na¨ıve consumers with higher unpaid balances. Na¨ıve consumers also follow a sub-optimal balance-matching heuristic when repaying their credit cards, incurring higher costs. Banks incentivize the use of reward cards by offering lower interest rates than on comparable cards without rewards. We estimate an aggregate annual redistribution of $15 billion from less to more educated, poorer to richer, and high to low minority areas, widening existing disparities. [ABSTRACT FROM AUTHOR]

We study the welfare impacts of mergers in markets where some terms are already vertically integrated. Our model features logit Bertrand competition downstream and Nash Bargaining upstream. We numerically simulate four merger types: vertical mergers between an uninte- grated retailer and an unintegrated wholesaler, downstream \horizontal" mergers between an unintegrated retailer and an integrated retailer/wholesaler, upstream \horizontal" mergers between an unintegrated wholesaler and an integrated retailer/wholesaler, and integrated mergers between two integrated retailer/wholesaler pairs. We find that mergers that have both horizontal and vertical characteristics typically harm consumers. We apply the model to the Republic/Santek merger as a real-world example. [ABSTRACT FROM AUTHOR]

The Bureau of Labor Statistics has released a report on productivity and costs in the fourth quarter of 2023. The report provides data on labor productivity, hours worked, output, labor compensation, and unit labor costs in the nonfarm business sector, manufacturing sector, and nonfinancial corporate sector. The data is presented in various formats, including percent changes from previous quarters and corresponding quarters of the previous year, as well as index numbers. The report includes tables with detailed information and footnotes explaining the terms used and sources of the data. The document serves as a valuable resource for understanding trends and fluctuations in labor productivity and costs in these sectors. [Extracted from the article]

Based on indirect utility theory, we introduce a novel methodology of measuring inflation expectations indirectly. This methodology starts at the individual level, asking consumers about the change in income required to buy the same amounts of goods and services one year ahead. Analytically, our methodology possesses smaller ex-post aggregate inflation forecast errors relative to forecasts based on conventional survey questions. We ask this question in a large-scale, high-frequency survey of consumers in the US and 14 countries, and we show that indirect consumer inflation expectations perform well along several empirical dimensions. Exploiting the geographically detailed, high-frequency variation in the data, we then show that individual experiences matter for inflation expectations, in a nuanced way. For example, age and gender have different effects internationally, while individual inflation and local experiences are generally highly relevant. In an application to gasoline price changes, we identify large effects of experienced gasoline price changes on inflation expectations, characterized by both overreaction and persistence. [ABSTRACT FROM AUTHOR]

A recent SNL comedy sketch has drawn attention to the issues surrounding fast fashion, particularly the alleged supply chain problems of companies like Shein and Temu. The sketch parodies a fake fast fashion brand called Xiemu, highlighting the problems associated with certain Chinese e-commerce companies that have been linked to forced labor in their supply chains. While the sketch raises serious issues, it is unlikely to have a significant impact on the brands involved. The article also discusses the need to address trade laws that allow non-compliant fake brands to sell products to US consumers, and the efforts to close the de minimis loophole that rewards companies engaged in unethical practices. [Extracted from the article]

The article discusses the upcoming Environmental and Social Governance (ESG) legislation in the fashion industry. The European Commission has launched a sustainable strategy for the apparel sector, focusing on transparency, quality, and circularity. Several legislations, including Eco Design and waste management, have already been approved. The article emphasizes the need for achievable and enforceable legislation that involves all stakeholders globally. It also highlights the challenges faced by manufacturers in meeting sustainability demands while consumers and brands are not fully ready to support sustainable products. The article concludes by urging fashion suppliers to anticipate and meet buyer expectations regarding ESG requirements. [Extracted from the article]

Geopolitical crises are having a significant impact on the apparel sector, influencing consumer perceptions of brands and their trustworthiness. Geopolitical events create a ripple effect that affects economic conditions, consumer confidence, and cultural dynamics. Consumers are increasingly making purchasing decisions based on brand perceptions and whether a brand aligns with their personal beliefs and values. Geopolitical concerns were the most-cited theme in the apparel sector's company filings between October 2023 and April 2024. The apparel industry is facing disruptions and challenges due to conflicts, trade policies, and political instability, which affect consumer demand, operating costs, supply chains, and sourcing decisions. [Extracted from the article]

This article highlights the major drivers currently impacting the retail real estate industry across the Asia-Pacific region relating to demographics, consumer attitudes/behavior and technology. Retailers' and landlords' responses to those major trends are also discussed. [ABSTRACT FROM AUTHOR]

This article highlights the major trends that are currently impacting the retail real estate industry in Europe relating to demographics and consumer attitudes/behaviour, real estate/property performance, investor sentiment and retailer strategy. It is based on insights from ICSC's European Research Group. [ABSTRACT FROM AUTHOR]

The article discusses how personnel finance management (PFM) and payment services 2 directive (PSD2) could commoditize the bank account and bring change to consumers. Topics discussed include importance of the consumer mind-shift if consumers rely on a PFM to mediate their bank relationship, how a PFM can help consumers with modeling, and significance of a PFM tool to the family chief financial officer (CFO).

The increasing population and purchasing power of U.S. Hispanics are important to the future of the retail real estate industry. The ethnic group is at the forefront of technology adoption and social media usage, making it a primary focus for shopping centers looking to the future. Whether through new technology in stores, social media marketing campaigns, or omni-channel efforts, U.S. Hispanics are eagerly embracing these innovative initiatives, and supporting retail real estate during this transitional period. [ABSTRACT FROM AUTHOR]

The article reports on the International Council of Shopping Centers' (ICSC) consumer tracking survey indicating the Black Friday's attraction of significant number of shoppers during the holiday season.

The October 30, 2015 issue of the periodical is presented with several charts on topics including the percentage of holiday shoppers by basket size, the percentage of holiday spending intention by age, and the holiday spending intention by income group in the U.S.

This paper studies consumers' inflation expectations using micro-level data from the Surveys of Consumers conducted by University of Michigan. It shows that beyond the well-established socio-economic factors such as income, age or gender, other characteristics such as the households' nancial situation and their purchasing attitudes are important determinants of their forecast accuracy. Respondents with current or expected financial diffculties, pessimistic attitudes about major purchases, or expectations that income will go down in the future have a stronger upward bias in their expectations than other households. However, their bias shrinks by more than that of the average household in response to increasing media report- ing about in.ation. Equivalent results are found during recessions. [ABSTRACT FROM AUTHOR]

A report on the swimwear industry and forecasts for 2019 is presented. It includes the history of the swimwear market from 2009-2013, marketing opportunities for companies operating in the market and merger and acquisition deals. Also noted are consumer attitudes and their impact on retailers and swimwear brands that continue to maintain their position in Europe. INSET: 0.

The article provides an analysis of North Korean weapons product and services to customers which are categorized as resilient, reluctant and ad hoc. It describes the resilient category as the largest in terms of client number and is responsible for the bulk of revenue from arms-related sales in North Korea. A regular market is expected to be offered by reluctant customers in North Korea if unchecked, while ad hoc customers can provide repeat or expanded business for Pyongyang in the future.

The article focuses on the main resilient customers of North Korean weapons-related industry and their common traits. The author provides open-source information and expert interviews on countries such as Syria, Iran and Cuba which analyze their probable resilient nature. Customers identified as resilient share the same characteristics such as isolation from the international community, bilateral military relationship with North Korea and awareness of the current sanctions regime.

The article focuses on state and non-state buyers who have the tendency towards sporadic purchasing of North Korean military weapons and services. The authors believe that customers such as Republic of the Congo, Tanzania and Eritrea share some degree of reluctance and their choice of North Korea reflects lack of options. This category of customers is thought to demonstrate the least affinity for North Korea as a supplier and is more open to normative arguments.

The article presents forecasts on the performance of the global denim and jeanswear industry for 2020. Topics covered include the consumer attitudes to jeans and price-fashionability matrix, price segments in the retail jeans market and the most common jeans supply chain models. Also mentioned are long-term trends in the industry.

The article presents a case study on the consumer-led approach of the Swiss multinational food and beverage company Nestlé SA to meet the customers' changing needs. Discussion on the effort of the company to continuously use qualitative and quantitative researches to gain insight on the consumer's opinions and trends is emphasized. Overview of the company's commitment to provide high quality products with high nutritional value and positive contribution to general wellness is offered.

Our third, annual State of Digital Transformation -- 2017© report reveals how, why, and to what extent businesses are and are not investing in digital strategies, initiatives, and operational models. The good news is a growing number of businesses are investing in innovation strategies to uncover new growth opportunities. The bad news is most companies surveyed lag behind or ignore the pervasive change in connected consumers' buying behaviors. Hundreds of millions of people worldwide use smartphones and other digital devices to communicate, buy and sell, learn, and be entertained, but many companies still have not made critical investments to be digitally competitive and consumer responsive as this global shift happens. [ABSTRACT FROM AUTHOR]