79% of education end-buyers would recommend promo products to similar companies
ASI’s exclusive research reveals client buying habits in eight markets and across multiple demographics.
ASI Research has launched a new series profiling the people distributors work with most closely: end-buyers. Each week we’ll release a new data set that spotlights one of eight markets and looks at end-buyers through demographics such as gender, region and company size.
This week, our research focuses on the education industry, a sector which is poised to reach the $10 trillion mark in revenue by 2030. The World Economic Forum predicts that “EdTech” will play a noteworthy role in this vertical, and that AI will have a significant impact on learning experiences and upskilling the workforce of the future. Other trends that may impact the education sector’s growth include increasing enrollment due to the decline during the pandemic, and further diversity, equity and inclusion measures to erase barriers in accessibility.
Education end-buyers of promotional products include elementary and secondary schools, public and private universities, tutoring centers, language schools, technical schools, and special education services. ASI Research found that 55% of education end-buyers purchase bags, the highest of any sector surveyed. Education has long been the number-one market for promo sales, and according to Counselor State of the Industry data, the education market generated 13.1% of total promo industry sales in 2022, or $3.4 billion.
37% plan to incease their promo spending in 2024.
This week, our research focuses on the retail industry, which has been marked by a period of robust spending and growth in the first quarter of this year. The retail industry is trending toward sustainability and greener approaches, but consumers are putting the onus on companies to prove their claims. Social commerce on apps like TikTok and increasing integration of artificial intelligence are also impacting this industry’s growth, according to Forbes.
Retail end-buyers of promotional products include department stores, convenience stores, warehouse retailers, boutiques, supermarkets and specialty stores. Giants within the industry consist of companies like Walmart, Amazon, Costco and The Home Depot. According to Counselor State of the Industry data, the retail market generated 5.9% of total promo industry sales in 2022, which equals roughly $1.5 billion.