Camera Sales See Largest Drop In Years Due To Coronavirus
This downward trend in camera sales has been relatively constant over the last year or two for a whole myriad of reasons ranging from camera phone improvements to lifespan of the gear lasting longer and more. But 2020 seems to have a whole new record in mind. According to this latest report from Stackline, camera sales have dropped by a staggering 64% making it the 3rd most declining industry for online sales!
The report from Stackline is made from analytics of 100 of the fastest growing and declining categories in e-commerce, comparing March 2019 to March 2020 sales data from the United States. Even though it’s limited to just USA info, It’s probably safe to assume these trends carry over pretty close on a global level. Further, it’s likely a massive decline directly related to the Coronavirus pandemic that’s changed everyone’s lives and careers! If you’re anything like me, you’re definitely watching your bank account much more closely than ever, curbing spending where you can to ensure you can make things last as long as possible.
It’s also interesting to note that the number 1 & 2 slots for the most rapid decline are the luggage and briefcase industries, which makes sense considering people are barely leaving their homes, let alone traveling internationally! But then the other top 10 drops are all formal and athletic wear! (Weddings & Gyms).
Most travel has been halted, causing declines in the luggage & suitcases, briefcase, and camera categories. Additionally, many spring break vacations were canceled, triggering a decline across sandal and swimwear categories. Formal apparel categories including Bridal and Men’s Suits are in decline as many couples are forced to cancel or delay their weddings.
[Related Reading: How to Build a Business in the Middle of a Recession]
Also appearing on the list are Camera bags & cases at -54%, camera lenses at -47%, and video cameras at -46%! All in a not very surprising decline given that most new camera and lens launches have been postponed, and most events and gigs people would need them for have also been canceled or delayed. In sharp contrast, also in this report from Stackline are impressive growing companies, most of which seem to be in food/delivery, medical supply, and of course, toilet paper & cleaning supplies!
I guess really none of this is that surprising to see happen in general, but what is surprising is the volume and rate of that shift! Be sure to visit the Stackline page to view the full report and infographic with all the industry trends and see how this lockdown and it effects on your day-to-day life has mirrored anything in the report. It’ll be extra interesting to see the projections (if any) on what’ll happen when things go back to normal and the quarantine & social distance restrictions are lifted. Let us know what you think in the comments below.