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AFP Contributor | AFP | Getty ImagesA perfect storm in global trade is creating a shipping container capacity crunch, fueling a sudden and surprise spike in ocean freight rates. Xeneta ocean freight rates show the rallying spot market and the widening spread between spot and long-term rates. An increase in ocean freight rejections shows the imbalance. Logistics price increases are ultimately passed onto the consumer and the dizzying freight rates during the pandemic were among factors cited by the Federal Reserve as a cause of inflation. The International Chamber of Shipping, which represents major ocean carriers, did not immediately respond to a request for comment.
Persons: Emily Stausbøll, Stausbøll, Goetz Alebrand, Alebrand, Judah Levine, Freightos, Levine, Wan Hai, HLS, Drewry, Jonathan Gold Organizations: AFP, Getty, U.S ., Xeneta, DHL, Shipping, Americas, DHL Global, CNBC, Federal Reserve, Orient Star Group, MSC, Chamber of Shipping, Honour, Carriers, Maritime Locations: Qingdao, Shandong province, AFP, Asia, U.S . West Coast, U.S, China, Malaysia, Singapore, Panama, Latin America, Europe, Chongqing, East Asia, South America, Africa, U.S . East Coast
Almost 80% of current freight orders received for peak season are for mid-range price items, the survey shows. Similar to last year, respondents expect less consumer appetite for luxury and aspirational luxury items imported. The world's second-largest ocean freight company, Maersk, recently told CNBC it expected a "normal" peak season. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Charles Van der Steene, president of Maersk North America, in a recent interview with CNBC. "We believe in normalized peak season.
Persons: Eric Thayer, Robinson, Kuehne, Nagel, Noah Hoffman, Hoffman, hypersensitive, Charles Van der Steene, We've, John David Rainey, Rainey, Larry, Jon Gold, Nate Herman, Biden Organizations: US, Bureau, Bloomberg, Getty, CNBC, Chain Survey, National Retail Federation, American Apparel and Footwear Association, United National Consumer Suppliers, ITS Logistics, DHL, Uber Technologies, C.H, Maersk, Walmart, Uber, International Longshoremen's Association, ILA, United States Maritime Alliance, Brands Locations: of Los Angeles, Los Angeles , California, U.S, Panama, Maersk North America, East Coast, Gulf, East, North America, West, Coast
'Very slow start' to 2024 for Europe, DHL Group CEO says
  + stars: | 2024-05-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'Very slow start' to 2024 for Europe, DHL Group CEO saysTobias Meyer, CEO of DHL Group, joins Squawk Box to comment on the company's first-quarter results and how Europe has seen a "very slow start" to the year with trade continuing to be weak.
Persons: Tobias Meyer Organizations: DHL, DHL Group Locations: Europe
Oscar Piastri of McLaren during the Formula 1 Saudi Arabian Grand Prix at Jeddah Corniche Circuit in Jeddah, Saudi Arabia on March 9, 2024. But with the Japanese Grand Prix this coming weekend, F1's beleaguered boss Stefano Domenicali will finally be able to provide a rebuttal. F1's growing ambitions in the Middle East and the U.S. have at times transcended the sport. Las Vegas airports dealt with 400 private jets arriving for the Grand Prix, while Singapore saw a 63% increase in September flight arrivals compared to the previous year when its Grand Prix was pushed into October. Third placed Carlos Sainz of Spain and Ferrari celebrates on the podium during the F1 Grand Prix of Italy at Autodromo Nazionale Monza on September 03, 2023 in Monza, Italy.
Persons: Oscar Piastri, Stefano Domenicali, Alexander De Croo, Domenicali, Clive Mason, Stephane Bazire, Bazire, I've, Stefano, Colin Syn, We've, Francois Dumontier, Madeleine Orr, Paul Fowler, Carlos Sainz of, Dan Istitene Organizations: McLaren, Formula, Saudi, Jeddah Corniche, Nurphoto, Getty, United Arab, U.S, Belgian, Formula One, of Australia, Albert, Circuit, F1, Silverstone, CNBC, Las, Prix, Singapore, Singapore Grand Prix, Canadian, Italy's Emilia, Grand Prix, Williams, DHL, Ferrari, of, Autodromo Nazionale Monza Locations: Jeddah, Jeddah Corniche Circuit, Saudi Arabia, Belgium, Monza, Italy, Monaco, United Arab Emirates, Europe, America, Las Vegas, Singapore, Japan, Miami, Grand, Canada, Australia, Carlos Sainz of Spain
"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.
Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port
The steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed, Baltimore, Maryland, on March 26, 2024. At the time of the collision, the vessel had two pilots from the Port of Baltimore on board. The steel frame of the Francis Scott Key Bridge lies in the water after it collapsed in Baltimore, Maryland, on March 26, 2024. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. "The collapse of the Baltimore bridge primarily affects coal exports from CNX and CSX terminals," said Madeleine Overgaard, dry market data manager for the global trade data platform Kpler.
Persons: Francis Scott Key, Dali, Roberto Schmidt, Paul Brashier, Brashier, Goetz Alebrand, Wes Moore, Larry, Richard Meade, Meade, Kena Betancur, Andy Lipow, Lipow, Helen Delich Bentley, Judah Levine, Madeleine Overgaard, Levine, Tasos Katopodis Organizations: Afp, Getty Images Logistics, Port, Eastern Seaboard, ITS Logistics, Getty, Americas, DHL Global, Maryland Gov, Baltimore, AFP, Uber Freight, IKEA, Lipow Oil Associates, Maersk, Freightos, CSX, East, Francis Scott Key Bridge Locations: Baltimore , Maryland, Baltimore, New York, New Jersey, Norfolk, Port of Baltimore, Colombo, Sri Lanka, Port, American, Taicang Port, Suzhou, China's, Jiangsu, East Coast, Norfolk , Virginia, Maryland, Midwest, New England, Virginia, North East , Maryland, Gulf Coast, Philadelphia, Suez, CNX, Freightos, Asia, U.S
The shipping container is a logistics marvel that can affordably move thousands of items from hundreds of different companies all around the globe. Supply chain disruptionsDisruptions to global trade can have major impacts on shortages and inflation, causing serious ramifications for American households and businesses. Indeed, inflation cooled alongside the bounce back of the supply chain, according to a White House analysis of the U.S. economy. [It's] an inefficiency born not of container shipping but just of the nature of the global economy." Watch the video above to learn more about how shipping containers enable global trade, why China dominates the shipping industry and what happens after a container shortage.
Persons: Simon Heaney, John Fossey, Good Hope, John McCown, nonresident, McCown, Goetz Alebrand, " Heaney, Heaney Organizations: Drewry, CNBC, Supply, Federal Reserve Bank of San, Center for Maritime Strategy, Federal Maritime Commission, Americas, DHL Global Locations: Federal Reserve Bank of San Francisco, U.S, Iran, Good, Africa, China, Ukraine, Asia
The shift in the volume of freight being moved from the East Coast to the West Coast was first highlighted in February in the ITS Port Rail Ramp Freight Index. He said the disruptions from the Suez Canal and Panama Canal have contributed to an almost 20% increase into the West Coast ports. "For our ports, transloading containers is always going to happen and we have the capacity to do more." The West Coast container volume rebound will also have a ceiling. "We probably don't get to the historical 10-year levels of West Coast market share versus East Coast share," Chan said.
Persons: Michael Aldwell, Kuehne + Nagel, Chris Sikora, CH Robinson, Sikora, Tim Robertson, transloading, Paul Brashier, We're, Brashier, Bryan Kempisty, Matt Schrap, Bruce Chan, Chan, CH, Bascome Majors, J.B, Hunt, Schneider, JB Hunt, Jason Seidl, Knight, Swift, Seidl, Larry Organizations: Getty, U.S, Logistics, CNBC, Kuehne, Transportation Intelligence, . Logistics, DHL Global, ITS, Rail, ITS Logistics, Department of Transportation's, PortX Logistics, Harbor Trucking, J.B, Susquehanna International Group, Hub Group, Schneider, Union Pacific, Cowen Group, Universal Logistics Holdings, East, International Longshoremen's Association, Surface Transportation, Canadian Pacific, Kansas City Southern, Uber, Uber Technologies Locations: West Coast, East Coast, Panama, East, Red, Gulf, transload, transloading, West, Suez, Hunt, CH Robinson, Sea, Mexico, Kansas, Mobile , Alabama, Coatzacoalcos, Veracruz, Gulf of Mexico
The Trump administration used delegated authorities under three trade laws to unilaterally levy tariffs without Congressional approval. The Trump administration tariffs kickstarted a shift in supply chain strategy which, according to Frank, became more well-developed by customers during Covid, when they contemplated moving factories and production out of China. He expects any increase in tariffs during a second Trump presidency to lead to a greater shift in trade from China to Mexico to avoid the tariffs. "If you charge tariffs to China, they're going to build ... their car plants here and they're going to employ our people," Trump said. S&P Global research shows that China's share of the imports of products covered by tariffs imposed by the Trump administration has dropped.
Persons: Donald Trump, Trump, Niki Frank, Frank, Beth Whited, they'd, Paul Brashier, Chris Rogers, Biden, Rogers, Jon Gold, John Taylor IV, Taylor, Peter Boockvar, Critics, it's, that's Organizations: United, Canada Trade, White, CNBC, Global, Trump, China, Biden, OF DHL, Union, Canadian Pacific, Canadian Pacific Kansas City, Union Pacific, ITS Logistics, P Global, Vietnam, National Retail Federation, Berlin Packaging, Trade, Bleakley Financial, ASEAN Locations: United States, Mexico, Canada, Washington , DC, U.S, OF DHL Asia, Long Beach , California, China, Union Pacific, Canadian Pacific Kansas, East, West, Vietnam, Malaysia, South Korea, CNBC Mexico, Europe, Thailand, Indonesia
But the de minimis rule also has powerful defenders. China's exports grew only 0.6% last year, but the bright spot was cross-border e-commerce, which includes but is not limited to the de minimis packages. In a January meeting with Mayorkas, the National Council of Textile Organizations complained about unfair trade practices, including the de minimis rule. It is unclear how much fentanyl and other illicit drugs may be slipping undetected into the country in the small packages. On a recent Friday morning at Chicago's O'Hare airport, small parcels that had arrived by mail from overseas were on conveyor belts going through X-ray machines for inspection.
Persons: Lindsey Puls, Puls, , Alexander Mayorkas, Earl Blumenauer of, ” Blumenauer, Sen, John Thune, LaFonda Sutton, Burke, Charles Benoit, Benoit, Mayorkas, Videojournalist Melissa Perez Winder, Haleluya Hadero Organizations: WASHINGTON, Will, Homeland, National Foreign Trade Council, FedEx, UPS, DHL, eBay, South Dakota Republican, Customs, Custom, China’s Communist Party, Coalition for, Prosperous, National Council of Textile Organizations, National Association of Police, Border Protection, Investments Locations: China, U.S, Shiocton , Wisconsin, Earl Blumenauer of Oregon, Shein, Singapore, Chicago, United States, Prosperous America, Chicago's, New York
A 2017 trend report from the global logistics company DHL found that augmented-reality headsets improved the productivity of warehouse pickers by up to 15%. The latest AR headsets, which look similar to conventional prescription eyewear, could extend productivity benefits across every aspect of logistics — and even beyond. But the AR headsets at the cutting edge of logistics and manufacturing are slimmer, lighter, and more durable than the Vision Pro or Quest. AR headsets used in a busy workplace need to keep the wearer's vision unobstructed. TeamViewerNext-gen AR headsets go incognitoAugmented-reality headsets like the Vuzix M4000 are light enough to wear all day, but next-gen headsets will make them look like dinosaurs.
Persons: , Paul Travers, Seth Patin, Patin, Peter Millar, Brian Ballard, Ballard, TeamViewer, Travers Organizations: Service, Apple's, DHL, Apple Vision, Meta Locations: It's
Sub-Saharan Africa is home to four critically endangered species of vulture, and in South Africa, a non-profit conservation and rehabilitation group called VulPro is working to protect these fascinating birds. The operation involved over 50 people, logistics company DHL and WeWild Africa, an NGO specializing in animal rewilding and translocation. It was at that very moment that I actually understood how fragile and misunderstood the species were.”An African White-backed vulture (closest to camera) at the VulPro rehabilitation center near Pretoria, South Africa. Recent efforts have concentrated on the white-headed vulture, with a population of only 3,685 adults continent-wide, according to BirdLife International, and only a small percentage of that figure in South Africa. Poisoning is the most common reason for vultures to require treatment in South Africa, often from ingesting lead in discarded batteries, or bullets in animal carcasses, says Joubert.
Persons: VulPro, , Kerri Wolter, Gertrude Kitongo, , Johan Joubert, Joubert, Wolter, Organizations: CNN, Reserve, DHL, WeWild, BirdLife International, Shamari Locations: Saharan Africa, South Africa, Eastern Cape, WeWild Africa, African, Pretoria, Africa, West Africa, KwaZulu, Natal, South
BERLIN (AP) — Germany's state-owned development bank has sold shares in the company that owns the national postal service for about 2.17 billion euros ($2.3 billion), reducing the government's stake and raising money to help finance improvements to the country's rail network. The sale cuts the state's stake in DHL to 16.5%, though it is still the largest single shareholder. The proceeds are to be used to strengthen the capital of Germany's main railway operator, the state-owned Deutsche Bahn, to help it upgrade railway infrastructure, the Finance Ministry said Wednesday. The government is turning to privatization proceeds to help finance improvements to the rail network after a court ruling forced it to plug a big hole in this year's budget and reconsider its wider financial plans. The maneuver ran afoul of Germany’s strict self-imposed limits on running up debt.
Organizations: BERLIN, , Deutsche, DHL Group, DHL, Deutsche Bahn, Finance Ministry Locations: — Germany's, Germany's
The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.
Persons: Sergio Ermotti, , “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, , Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia
Kristian Helgesen | Bloomberg | Getty ImagesDAVOS, Switzerland — Top CEOs are closely following tensions in the Red Sea, warning that this kind of volatility for supply chains is likely here to stay. Houthi rebels from Yemen have attacked commercial vessels traveling in the Red Sea since November. Supply chains were massively disrupted during the pandemic and the subsequent bounce back, given the restrictions and the closure of borders. Tobias Meyer, the CEO of DHL, shared concerns over the new normal for supply chains. "We have an issue in the Panama Canal, we have an issue in the Red Sea.
Persons: Ebba, A.P ., Kristian Helgesen, Jesper Brodin, Brodin, Tobias Meyer Organizations: A.P, A.P . Moeller, Maersk, Bloomberg, Getty, Ingka, CNBC, Economic, IKEA, DHL Locations: Suez, Egypt, DAVOS, Switzerland, Red, Yemen, Iran, Gaza, United States, Hope, Africa, Asia, Europe, Davos, Panama
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect a 20 day shipping delay due to Red Sea tensions, says DHL's Casper EllerbaekCapser Ellerbaek, Global Head of Ocean Freight at DHL Global Forwarding, discusses how tensions in the Red Sea are impacting companies and the global supply chain.
Persons: DHL's Casper Ellerbaek Capser Organizations: Freight, DHL Global
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We're going to see continued volatility' from geopolitical disruptions, says DHL CEOTobias Meyer, CEO of DHL Group, discusses geopolitical disruptions on worldwide supply chains with CNBC.
Persons: Tobias Meyer Organizations: DHL Group, CNBC
DHL Cargo planes are unloaded at Halle-Leipzig Airport on February 28, 2014 in Leipzig, Germany. Up to 60 cargo planes land every weeknight. The Houthi attacks in the Red Sea are not only driving up sea freight — air freights are going to get higher too, as global trade flows get increasingly disrupted. This means that air cargo is about to play an expanded role in the supply chain ecosystem. Air freight can slash delivery times to just a few days compared to weeks taken by ocean carriers.
Persons: Matthew Burgess, Robinson Organizations: DHL Cargo, Airport Locations: Halle, Leipzig, Germany, South Africa, C.H
"If so, we expect the soaring freight rates and equipment shortage will continue till the third quarter," it advised clients. This would be on top of the revenue lost by diverted container vessels which are required to pay between $500,000-$600,000 per transit. "However, given the longer transit times vessels are experiencing, the market may face a shortage of empties across Asia until sailings normalize." Evelyn Fornes, Home Depot spokeswoman, said it is working with logistics carriers to find alternate routes to limit any impact from the Red Sea conflict. East Coast freight rates soar While freight rates for U.S. West Coast ports have yet to spike, freight rates for the East Coast and Gulf are up.
Persons: Folden, Shell, Jean, Charles Gordon, Nyttingnes, Torm, Euronav, Tom, Hafnia, Andy Lipow, Kuehn, Nagel, Ami Daniel, Goetz Alebrand, Stephen Schwarz, Paolo Montrone, Kuehn + Nagel, Alan Baer, Baer, Evelyn Fornes, Fornes, Lane Organizations: Galaxy, Houthis Media, Getty Images, Anadolu, Getty, U.S, Clarksons Securities, Honour Lane Shipping, Wall Street, Shell, Suez, Authority, Lipow Oil Associates, Logistics, CNBC, DHL Global, Asia Pacific, Kuehn, USA, Home, Costco, Walmart, Home Depot, Volvo, Michelin, Ikea, East, U.S . Locations: Iran, Yemen, Anadolu, Hafnia, Ardmore, Suez, Israel, Americas, Asia, Europe, Wells Fargo, Red, U.S, East Coast, U.S . West Coast, Gulf, East, West, West Coast
The US's first lunar lander in decades has met its doom. After launching on Monday, Peregrine Mission One started leaking fuel, Astrobotic said. Peregrine Mission One, a lunar lander built by Astrobotic, started leaking fuel hours after it launched from Cape Canaveral in Florida on Monday. The helium may have put the oxidizer tank under too much pressure, causing it to rupture and create the fuel leak, Astrobotic added. Peregrine Mission One is a nearly 2,900-pound uncrewed lander that carries 20 payloads from seven countries and 16 companies.
Persons: Peregrine, Astrobotic, Organizations: Peregrine Mission, Service, Grumman, DHL MoonBox, DHL, Peregrine, United Launch Alliance Vulcan Locations: Cape Canaveral, Florida, Hungary, Seychelles
Houthi military helicopter flies over the Galaxy Leader cargo ship in the Red Sea in this photo released on Nov. 20, 2023. Houthi Military Media | Via ReutersDrone and missile attacks by Yemen-based Houthi militants have upended shipping through the Red Sea and Suez Canal, a narrow waterway through which some 10% of the world's trade sails. And will a U.S.-led naval security coalition be effective enough to make the Red Sea trade routes safe for trade again? Zoom In Icon Arrows pointing outwards An infographic titled 'Bab-el-Mandeb Strait: Trade route between East and West narrows amid Houthi threat' created in Ankara, Turkiye on December 18, 2023. Concerns grow as major maritime transportation companies alter their ship routes in response to the increasing Houthi threats in the Red Sea.
Persons: Lloyd, Ryan Bohl, Rane, Khaled Abdullah, Houthi, Rather, Mohammed Hamoud, Mohammed al, Sidharth, , Kaushal, Corey Ranslem Organizations: Galaxy Leader, Houthi, Media, Reuters, . Central Command, BP, Maersk, MSC, CMA, Pentagon, DHL, Middle East, CNBC, Hezbollah, Saudi, Arab, Hamas, Royal United Services Institute, Maxar, Dryad Locations: Red, Yemen, Suez, Africa, Asia, Europe, North Africa, U.S, Lebanese, America, Israel, Saudi, Sanaa, Saudi Arabia, Iran, Mandeb, Trade, East, West, Ankara, Turkiye, Hodeida, Islamic Republic, Gaza, Palestinian, Israel's, Sana'a, London, Bahrain, Canada, France, Italy, Netherlands, Norway, Spain
Many retailers are extending holiday shopping discounts to record levels and for longer periods. To get the best discounts, you might have to head to your nearest mall. To get the best holiday deals, you might have to go to the mall. That worked in the last few years but didn't this year because financially stressed consumers became even more cost-conscious and looked for the best deals, he added. "Retailers moved a lot of those sales earlier than usual, and then it became one big event culminating on Cyber Monday."
Persons: LSEG, , Jharonne Martis, Martis, Centric Market Intelligence —, Howard Schnapp, Kraig Foreman, CNBC's, Foreman Organizations: Service, Adobe, London Stock Exchange Group, London Stock Exchange, Centric Market Intelligence, Getty, CNBC, Wall Street, Retailers
Many are delaying the cost as buy now, pay later programs are expected to have their biggest month ever. Many are paying via "buy now, pay later" platforms such as Klarna or Afterpay, which let shoppers pay in installments every week or month. Buy now, pay later also allows people to borrow less expensively as they get the pricing interest-free if paid off in time. Indeed, the Fed's "2022 Survey of Household Economics and Decisionmaking" found that 83% of respondents paid off their buy now, pay later programs on time. Compounding the problem is that people tend to spend more when using buy now, pay later programs, suggesting an overconfidence in what they can afford.
Persons: , Salesforce, Beryl Tomay, Klarna, Mark Luschini, Janney Montgomery Scott, Maria Bartiromo, Luschini, Michael Landsberg, Landsberg Bennett, Kraig, Foreman Organizations: Black, Service, Adobe, Mastercard, CNBC, Business, Federal Reserve Bank of Atlanta, Household Economics, Social Science Research Network, Wealth Management Locations: Landsberg
Many are delaying the cost as buy now, pay later programs are expected to have their biggest month ever. Many are paying via "buy now, pay later" platforms such as Klarna or Afterpay, which let shoppers pay in installments every week or month. Buy now, pay later also allows people to borrow less expensively as they get the pricing interest-free if paid off in time. Indeed, the Fed's "2022 Survey of Household Economics and Decisionmaking" found that 83% of respondents paid off their buy now, pay later programs on time. Compounding the problem is that people tend to spend more when using buy now, pay later programs, suggesting an overconfidence in what they can afford.
Persons: , Salesforce, Beryl Tomay, Klarna, Mark Luschini, Janney Montgomery Scott, Maria Bartiromo, Luschini, Michael Landsberg, Landsberg Bennett, Kraig, Foreman Organizations: Black, Service, Adobe, Mastercard, CNBC, Business, Federal Reserve Bank of Atlanta, Household Economics, Social Science Research Network, Wealth Management Locations: Landsberg
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailConsumers are more value-oriented and price conscious this holiday season, says DHL's Kraig ForemanKraig Foreman, President of eCommerce at DHL, discusses sales during Black Friday and Cyber Monday.
Persons: DHL's Kraig Foreman Kraig Foreman Organizations: Consumers, eCommerce, DHL, Black
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