Every quarter, PRINTING United Alliance and NAPCO Research survey the state of the printing industry. Our most recent survey, conducted in August 2024, found profitability remains a top concern, interest in artificial intelligence is growing and sustained success requires using all tools – including AI – to maximize productivity companywide, build superior data analytics and tackle disruptive change while maintaining focus on business fundamentals.

The 104 participants collectively produce products ranging from direct mail to window graphics to promotional product imprinting and have annual sales (all sources) ranging from less than $1 million to more than $250 million. On average:

• Sales grew just 1.1%, increasing for 43.0% but flat or decreasing for 57.0%. And while 21.0% report sales increased 10.0% or more, nearly as many, 18.0%, report sales declined 10.0% or more.
• Operating cost inflation outpaced price increases 5.2% to 3.8% as a variety of costs, including employee compensation, insurance, debt service and transportation, continued to rise and resistance to price increases stiffened.

Also of note, interest in AI is growing, with 62.4% of our research panel either using AI or planning to within the next year, up significantly from 50.7% in September 2023. A representative commented: “We feel very strongly about our organization learning about and using AI because if we don’t, our competitors are going to pass us by.”

Read the rest of the story and find out how to download the full report on Printing Impressions.