Q1 Sales Were Down But Things Are Looking Up
Thursday April 29, 2021 | Filed under:
Spring is a tricky season on the East Coast. One day is warm and mild, the next is frost and flurries. Still, each year we hit an inflection point – a time when even though cold may cling, we know days of lasting warmth will soon set in for good. I call it the April Pivot.
Q1 just might be the promotional product industry’s April Pivot from the COVID-19 pandemic.
Yes, there was still cold so to speak: According to a recent ASI survey, sales declined nearly 15% year-over-year in Q1. That wasn’t a big surprise. Industry sales in the first 10 weeks of 2020, unaffected by COVID, were gangbusters. Matching or surpassing that was always going to be tough.
However, there’s a rising current of optimism – a growing belief that business is poised to accelerate significantly amid greater societal reopening and broader vaccination rollout. I hear that optimism time and again in talking with promo leaders. The team here at ASI hears it from distributors we serve, large and small.
Here’s the hard evidence: ASI’s Distributor Quarterly Sales Survey found two-thirds of distributors believe their 2021 sales will surpass those of 2020. That’s not based on wishes; it’s based on what distributors are seeing in the marketplace. I call that highly encouraging.
After more than a year into the pandemic, we’ve all been through a lot, professionally and personally. But as individuals, and as an industry, we’re still here, still pushing forward with entrepreneurial spirit and optimism. Promo demonstrated a proven ability to adapt and persist in the harshest of times. I’m convinced this resilience and ingenuity is a firm foundation upon which to begin building up again.
As I write this, it’s a cold morning – with the forecast calling for temps in the mid-70s and maybe even 80s. I’m planning a few bike rides in the sun. True spring, and summer, is nearly here. April Pivot indeed.