Today in Retail: Consumer Spending Rises in August
In today’s top retail news, personal spending edged up in August despite concerns about the delta variant, while most brands have yet to take advantage of the new ability to partner. with university athletes. Additionally, Neiman Marcus revealed that a May 2020 data breach affected 4.6 million e-commerce customers and that Latin American e-commerce platform Nuvemshop is considering acquiring a logistics company.
Consumer spending and income show gains in August
Personal consumption spending in the United States rose 0.8%, or $ 130.5 billion, in August, coinciding with a 0.2% increase in personal income and a 0.1% increase in income staff available, according to the US Bureau of Economic Analysis. The increase in spending comes from $ 66 billion in goods, including food and beverages, housewares and hobbies, and $ 64.6 billion in services, including personal care, personal services. clothing, housing and utilities and health care.
The rules of NIL patchwork leave many marks on the sidelines
College athletes can now enjoy their name, image or likeness after a rule change by the NCAA, but most brands are reluctant to seek approvals due to the complexity of the current legal landscape. Peter Schoenthal, CEO of compliance software company Athliance, told PYMNTS that in the absence of federal legislation, brands have to navigate 30 state laws and countless university policies.
Neiman Marcus’ Data Hack Impacts 4.6 Million Ecommerce Consumers
The Neiman Marcus Group has informed approximately 4.6 million online users that their personal data could have been accessed during a data breach dating back to May 2020. For the millions of customers informed of the incident, approximately 3, 1 million payment cards and virtual gift cards have been affected, more than 85% of which are expired or invalid, the company said in a statement.
Nuvemshop acquires e-commerce platform for SMEs Mandaê
Latin American e-commerce platform Nuvemshop plans to acquire Mandaê, a logistics platform for small and medium-sized businesses, based in Brazil. Mandaê’s services include the collection of orders placed on the merchant’s website and the delivery of all order items. Nuvemshop’s announcement comes shortly after the company invested $ 500 million in new capital in August.