CE Pro November 2022 - 74

Channel
TIPS | EDUCATION & EVENTS | DISTRIBUTION
Nationwide PrimeTime Addresses
Changing Economic Conditions
NMG's August conference notes market
shifts from lack of equipment to oversupply
for many products, putting
strength back in hands of independent
retailers/integrators. By Jason Knott
THE CHANGING economy
was the primary focus at
the Nationwide Marketing
Group (NMG) semi-annual
PrimeTime event held in
mid-August in Kissimmee,
Fla. The 5,000-member
buying group's members
are primarily independent
retailers engaged in consumer
electronics and custom
installation, along with carrying
major appliances, bedding
and/or furniture.
The overriding message
from the three-day Nationwide
PrimeTime event is that
independent retail is fairing
much better than national
players in the current economic
slowdown, which has
been already labeled as a fullfledged
recession by some.
" We are entering a new
season, " declared Tom
Hickman, president and
chief member advocate for
Nationwide. " The last time
we met, the focus was on
lack of inventory and supply
chain problems. It's different
right now. I don't know
what it is going to look like
in the future. "
Nationwide PrimeTime 2022 was held in Kissimmee, Fla., in
mid August.
To help members get a
gauge on the upcoming
market conditions, Hickman
sat down with Charlie
Dougherty, a top economist
from Wells Fargo. Dougherty
told the gathered audience
for the opening session that
the economy is definitely
slowing down.
" We are not in a recession
Tom Hickman, president and chief member advocate,
welcomed the crowd to the event.
yet, but all the data points to
a slow down. There has been
a shift in consumer behavior,
which is part of the driver for
the slowdown, " he says.
Dougherty says consumer
spending has shifted away
from the purchase of goods
or durables to services, but
he believes the recession
will be short-lived because
74 | CE Pro November 2022
there is still a huge supply
of accumulated wealth
sitting on the sidelines that
consumers hoarded during
the pandemic. He says those
savings will eventually be
spent, although inflation is
eating into some of that.
" Inflation is by far the biggest
problem holding down
the economy. It is affecting
not just goods, but services,
as many of you know if you
have looked at the price of
airline tickets lately. This is
not good for the long-term
health of the economy. We
will remain in an inflationary
environment for some time
to come. "
Dougherty says the current
9% inflation rate needs
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CE Pro November 2022

Table of Contents for the Digital Edition of CE Pro November 2022

CE Pro November 2022 - Presentation Page
CE Pro November 2022 - Cover1
CE Pro November 2022 - Cover2
CE Pro November 2022 - 1
CE Pro November 2022 - 2
CE Pro November 2022 - 3
CE Pro November 2022 - 4
CE Pro November 2022 - 5
CE Pro November 2022 - 6
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CE Pro November 2022 - 8
CE Pro November 2022 - 9
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CE Pro November 2022 - 20
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CE Pro November 2022 - Cover3
CE Pro November 2022 - Cover4
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