The big answers: Retail Daily quiz

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September 29, 2022

In 2021, which country became the first to generate over 100 billion parcels within 12 months?

A) China

B) US

C) UK

D) Sweden

China generated 108 billion parcels in 2021, according to Pitney Bowes. Global parcel volume reached 159 billion, equating to 5,000 parcels per second. Total carrier revenues reached $491.5 billion.

September 28, 2022

The “lipstick index” posits that in times of economic downturn:

A) Lipstick sales go up

B) Lipstick sales go down

C) Lipstick shades get darker

D) Magazines run fewer lipstick ads

Proponents say lipstick is a relatively inexpensive purchase that makes the buyer feel better. Economists are torn over whether this metric is accurate.

September 27, 2022

This year, 5.1% of total US ecommerce sales will come from social commerce. What do we predict the percentage will be in 2025?

A) 4.0%

B) 5.1%

C) 6.3%

D) 7.2%

Total US ecommerce sales will reach $107.17 billion in 2025, with social commerce taking 7.2% of that total. While the percent of sales from social commerce will grow each year between 2022 and 2025, the percent change will slow from 34.4% this year to 23.6% in 2025.

 

September 26, 2022

What is the top category for US luxury buyers?

A) Fragrance

B) Handbags and leather goods

C) Footwear (shoes, boots)

D) Cosmetics and beauty products

Nearly half (47.3%) of US luxury buyers have purchased footwear in the last 12 months. But the next closest category isn’t far behind; 46.2% of consumers have purchased handbags and leather goods in the last year, followed by cosmetics and beauty products (45.4%) and fragrance (45.4%).

September 23, 2022

What is the most common reason that consumers return a product?

A) It was the wrong item

B) A poor fit

C) The product was not as described

Nearly a third of shoppers will return a product if it is not as described, according to an inriver study of 6,000 consumers across the US, UK, and Germany. In fact, 81% of respondents said that product information was either an essential or very important factor when deciding to buy something.

September 22, 2022

Which of the following restaurant cuisines performed the worst in August?

A) Hamburger

B) Italian

C) Steak

August saw the best same-store sales growth for restaurants since March, at 5.3%. Traffic to restaurants, however, decreased by 1.9%. Larger check averages, due to restaurants passing higher costs onto diners, accounted for the discrepancy. Full-service restaurants, which took major hits during the pandemic when dining rooms closed, saw the largest uptick in sales in August, according to Black Box Intelligence.

September 21, 2022

Which of the following was the most-cited change in spending US households made in August?

A) Spent less on experience (e.g., travel, dining out)

B) Canceled online subscription services

C) Started saving more income, specifically to have a safety net

D) Spent more on groceries and less on experiences

Sixty-five percent of US adults have made this spending shift—not surprising given the Consumer Price Index was up 8.3% year over year in August.

September 20, 2022

What’s for dinner? Which third-party delivery platform will bring in the most sales this year?

A) Grubhub

B) Uber Eats

C) DoorDash

D) Other

DoorDash will see $37.34 billion in sales this year, accounting for 54.0% of the market.

September 19, 2022

Who are Gen Z shoppers most likely to trust on social media?

A) Brands

B) Influencers

C) Retailers

According to a survey by Klarna, 52% of Gen Z consumers say they follow and buy from brands on social media. But influencers aren’t far behind: 47% of Gen Zers follow and buy from them.

September 16, 2022

Which is the fastest growing category of print books this year (through August)?

A) Fiction

B) Nonfiction

C) Romance

D) Fantasy

Sales of romance books have reached close to 19 million units this year, contributing to nearly two-thirds of overall gains in adult fiction, per The NPD Group. This growth is specific to the print format; sales of romance ebooks declined by 16% year over year.

September 15, 2022

Which of the following is the top customer priority over the next 12 months according to CMOs?

A) Low price

B) Superior product quality

C) Excellent service

D) Trusting relationships

When surveyed by Deloitte, 30% of CMOs identified superior product quality as the No. 1 priority for customers, followed by excellent service (18.5%) and low price (17.2%).

Inflation has made a demonstrated impact on customer priorities; low price was ranked fifth just one year ago.

September 14, 2022

What will the value of losses from fraudulent card transactions total this year?

A) $11.83 billion

B) $12.16 billion

C) $13.47 billion

D) $14.01 billion

Total losses from fraudulent transactions (including in-person) in the US will climb by 8.2% this year to reach $12.16 billion.

Card fraud growth slowed in 2016 after chip cards were introduced. There was a brief spike in 2020 as ecommerce exploded, but growth has slowed in the past couple of years.

September 13, 2022

What will Facebook’s share of US social commerce buyers be this year?

A) 54.3%

B) 60.7%

C) 65.8%

D) 70.3%

Nearly 62% of US social media users ages 14 and older will make a purchase via Facebook this year, ahead of Instagram (40.0%) and TikTok (23.1%).

September 12, 2022

Which beer brand was the most seen brand on TV in the first half of this year?

A) Coors Light

B) Corona Extra

C) Modelo

D) Michelob

The brand accounted for 8.31% of alcohol TV ad impressions from January through July, ahead of Corona Extra (6.47%), Michelob (5.87%), and Coors Light (3.77%), per iSpot.tv.

In that time period, Mexican beer brands accounted for 43.76% of beer’s TV ad impressions, up nearly 39% year over year.

 

September 8, 2022

Fire drill: Which of the following actions was most cited by Amazon Prime Day shoppers as a response to rising inflation?

A) Stop: Didn’t buy something I was planning to buy

B) Drop: Passed on an item that was a great deal but was not a necessity 

C) Roll: Bought something I’ve been waiting to buy at a lower price

Roll takes the win at 33%. But drop wasn’t far behind at 28%. Retailers must offer good deals to get consumers to open their wallets. And smart marketers will focus on ensuring consumers feel their products are must-haves rather than like-to-haves.