US Office Supplies Industry Revenue Expected to See Slight Decline in 2023
Total revenue for the industry will remain above pre-pandemic levels, according to NPD
PORT WASHINGTON, N.Y., Dec. 19, 2022 /PRNewswire-PRWeb/ -- According to The NPD Group, U.S. office supplies industry revenue in 2023 is expected to decline 1% year over year but remain 7% above pre-pandemic (2019) sales (excluding storage categories as well as janitorial and breakroom supplies). In fact, NPD's latest Future of Office Supplies forecast reveals industry revenue will remain above 2019 totals through the end of the forecast period in 2025.
Following the 7% increase in industry average sales prices (ASP) seen in 2022, ASPs will begin to decline next year, contributing to the slight dip in the forecasted revenue. Unit sales, however, are expected to remain flat in the year ahead, an improvement from declines in 2022. Anticipated areas of unit sales growth in 2023 are writing instruments, coloring & art, and presentation & reference.
"Continued innovation will be key to uncovering opportunity for players in the office supplies industry. Evolution related to product features, creative product use-case methods, or category revitalization through new designs or target market segments will help drive category growth," said Tia Frapolli, president of NPD's Office Supplies practice. "While technology's impact on office supplies is often mentioned, 75% of consumers surveyed said they plan to purchase the same or more supplies despite the growing use of technology. This indicates unit sales for school supplies should remain relatively stable over time."
About The NPD Group
NPD is a global market information company offering data, industry expertise, and prescriptive analytics to help our clients understand today's retail landscape and prepare for the future. Over 2,000 companies worldwide rely on us to help them measure, predict, and improve performance across all channels, including brick-and-mortar, e-commerce, and B2B. We have services in 21 countries worldwide, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, foodservice, footwear, home, home improvement, juvenile products, media entertainment, mobile, office supplies, retail, sports, toys, and video games. For more information, visit npd.com. Follow us on Twitter: @npdgroup.
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SOURCE The NPD Group
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