Retail Sales Forecast for the 2024 Holiday Season: Navigating Trends Amid Economic Uncertainty
As the holiday shopping season hits full swing, retailers are reflecting on a bustling Black Friday and preparing for the potential windfall of Cyber Monday. Early reports indicate that consumer spending remains robust, driven by strategic promotions and a steady shift toward online shopping. However, with the economy on the cusp of change as a new presidential administration prepares to take office in 2025, the retail landscape is also bracing for potential uncertainties that could shape the remainder of the year.
Initial data from Black Friday suggests that foot traffic at brick-and-mortar stores held strong, signaling a resurgence in in-person shopping. Meanwhile, e-commerce giants reported record-breaking sales, driven by aggressive discounts and expanded delivery options. According to industry analysts, Cyber Monday is expected to surpass $15 billion in online sales, a notable increase from last year, highlighting the growing preference for the convenience of digital shopping platforms. Retailers who seamlessly integrate in-store and online experiences are emerging as the season’s front-runners.
Economic factors are playing a dual role in holiday spending patterns this year. On one hand, inflationary pressures have eased compared to previous years, giving consumers more purchasing power. On the other, lingering economic uncertainties tied to the political transition in 2025 and global market conditions have prompted cautious optimism among shoppers. Many households are balancing their holiday budgets carefully, favoring essentials and practical gifts while still indulging in occasional splurges thanks to attractive deals.
Retailers are also leaning heavily into technology to capture consumer dollars. Enhanced personalization through artificial intelligence, mobile app exclusives, and buy-now-pay-later options have become critical tools for driving engagement and conversions. Cybersecurity remains a key concern, as high-profile breaches have underscored the importance of protecting consumer data during the busiest shopping season of the year.
As the holiday season progresses, the success of retail sales will hinge on how well businesses navigate this complex economic and political environment. While Black Friday and Cyber Monday have set a promising tone, retailers must remain agile to sustain momentum through Christmas and into the New Year. With a new president set to take office in 2025, the retail industry is poised for potential shifts, making this holiday season a critical period for setting the stage for future growth.
NBA Icons Pioneering Wellness Through Cannabis Ventures
In recent years, professional basketball players have increasingly ventured into the cannabis industry, leveraging their platforms to tap into one of the fastest-growing sectors in the United States. As societal views on cannabis continue to shift, the NBA has adapted its policies, paving the way for players to participate in this industry while using their influence to normalize cannabis use.
Policy Shifts Enabling Player Participation
The NBA’s evolving stance on cannabis has been pivotal. In the 2023 collective bargaining agreement, the league removed marijuana from its list of banned substances and ended random drug testing for cannabis use. Players are now permitted to invest in cannabis businesses, provided they maintain a passive, non-controlling interest in non-CBD cannabis enterprises. However, players are still prohibited from actively promoting non-CBD cannabis products, ensuring a balanced approach to regulation. This policy shift has enabled current and former players to pursue opportunities in the cannabis space more openly.
Pioneering Players in the Cannabis Space
Several NBA stars have taken significant strides into the cannabis industry, blending business acumen with advocacy for cannabis normalization and wellness:
- Carmelo Anthony: The ten-time NBA All-Star recently entered the cannabis market with his brand, STAYME70, which debuted in 2024. STAYME70 emphasizes wellness and high-quality cannabis products, reflecting Anthony’s belief in cannabis as a tool for self-care and relaxation. The brand’s launch was highlighted by Anthony’s appearance at the MJBizCon in Las Vegas, where he discussed his vision for creating a positive impact within the cannabis community.
- Kevin Durant: Durant has been a vocal advocate for cannabis, emphasizing its role in athlete recovery. He has invested in multiple cannabis companies and partnered with Weedmaps in 2021 to destigmatize cannabis use. Durant’s advocacy highlights how cannabis can address the physical and mental demands of professional sports.
- Al Harrington: Harrington, a retired NBA player, continues to expand his cannabis brand, Viola Brands, named after his grandmother. The brand focuses on promoting diversity in the cannabis industry and is now operational in multiple states. Harrington also partnered with Allen Iverson to launch the “Iverson Collection,” further blending sports and cannabis culture.
- Chris Webber: Webber co-founded Players Only, a premium cannabis brand, while also launching a private equity fund aimed at supporting minority-owned cannabis businesses. His dual approach of business development and social impact underscores the potential of cannabis to address inequities in the industry.
- Ben Wallace: Known for his grit on the court, Wallace entered the cannabis industry with his brand, Undrafted, in partnership with Rair, a Michigan-based cannabis company. Wallace’s venture focuses on using cannabis for pain relief and stress management, addressing the wear and tear experienced by athletes.
- John Salley: The four-time NBA champion and wellness advocate launched Deuces22, a cannabis brand dedicated to high-quality products. Salley’s work aligns with his advocacy for plant-based living and holistic wellness, bringing a unique perspective to the industry.
Implications and Future Outlook
The entry of NBA players into the cannabis industry marks a significant shift in the cultural and business landscape of professional sports. These players are not only breaking barriers by participating in a once-taboo industry, but are also actively shaping public perceptions of cannabis through their platforms and ventures. As cannabis legalization continues to expand, the contributions of athletes like Carmelo Anthony, Kevin Durant, and others will likely amplify efforts to normalize and legitimize the industry.
Conclusion
The growing involvement of NBA players in the cannabis industry underscores their ability to influence and innovate beyond the basketball court. Through brands like STAYME70 and partnerships like Weedmaps, these athletes are championing cannabis as a tool for wellness, recovery, and community impact. Their efforts highlight the transformative power of sports figures in shaping industries and cultural conversations, making them trailblazers in the evolving narrative around cannabis in 2024.
Ohio’s Adult-Use Cannabis Market Thrives in Its First Months, Poised for Further Expansion in 2025
Since Ohio opened its doors to adult-use cannabis sales in August 2024, the state has experienced rapid growth in the industry, fueled by robust consumer demand and strategic business developments.
Strong Opening Sales
In just its first five days, Ohio’s recreational cannabis market generated over $11.5 million in revenue, selling more than 1,285 pounds of cannabis flower and 173,000 products, including edibles and vape cartridges. Monthly sales have since surged, reaching $43 million by September, with total sales exceeding $143 million by November 2024. The market is currently averaging $1.5 million in daily transactions.
Price Trends and Competition
Ohio has seen a gradual decline in cannabis product prices since the market launch. The average cost of one-tenth of an ounce of cannabis flower fell from $26.59 in August to $21.72 by late November. The decrease reflects heightened competition within the state and an effort to attract consumers who might otherwise purchase from neighboring states like Michigan, where cannabis has historically been more affordable.
Economic Impact
The cannabis industry has already become a significant economic driver for Ohio, creating thousands of jobs in cultivation, retail, and related categories. The state’s 10% sales tax on cannabis products is earmarked for various public initiatives, including education, addiction treatment services, and local government funding.
Looking Ahead to 2025
Industry analysts project that Ohio will nearly double its dispensary count by mid-2025, growing from the current 130 locations to approximately 254. The market is expected to generate $820 million in sales next year, with forecasts suggesting it could surpass $1 billion by 2027. Such growth would position Ohio as one of the fastest-growing cannabis markets in the United States.
To meet rising demand, businesses are scaling operations, expanding product offerings, and pursuing vertical integration to streamline processes from cultivation to retail. Companies are also prioritizing compliance with Ohio’s regulatory framework and engaging with local communities to ensure sustainable industry growth.
A Promising Future
The strong start to Ohio’s adult-use cannabis program reflects the state’s readiness to embrace regulated cannabis while contributing to economic development. As the market matures, Ohio is poised to become a leader in the U.S. cannabis industry, with significant opportunities for both businesses and consumers alike.