Channels contributed to:Conferencing & Collaboration Content Production and Streaming Digital Signage Live Events / Performance Entertainment
Rooms participated in:Technology Managers' Forum A Culture of Inclusion InfoComm
Thanks for having us on! It was a fun conversation. Looking forward to hearing what listeners think!
Would be interesting to see similar data for services as well, not just equipment.
Unfortunately, services do not show up in public inflation data. We measure labor costs in our annual employment survey, and the latest data suggests those rates are going up in the mid-single digit range (so a bit lower than headline inflation). Unfortunately, we've had to sacrifice timing a bit in order to achieve the quality and detail we seek, so our latest data speaks to 2021 salary levels. 2022 salary level information will be out in roughly May 2022.
Excited to take part in this!!
Ugh, I really wanted to go but couldn't fit it into my schedule. Next time in Vegas!
Thanks for the tips! It's my first Vegas InfoComm, so it's an unfamiliar dining scene to me. Glad to know some good ones!
Hey @Peter Hansen with US inflation making such big news, will this affect this growth?
Good question! Short answer: no. Generally speaking, inflation is more of a challenge for everyday citizens than for businesses. Inflation will not directly harm sales growth. In our annual META report, we highlighted a couple examples of countries that have had consistently high inflation accompanied by high GDP growth.
Now, high inflation is spurring the Fed to increase interest rates, which will serve as a (mild for now) impediment to continue growth. That said, it's not overall GDP growth that's pushing AV sales up so much--it's the return to in-person activity. Interest rates and inflation can both rise, but in-person activity will increase and drive pro AV revenue as long as the pandemic continues to improve! Pro AV sales growth should remain strong even if inflation gets worse.
One of the key bottom lines from our research about the gender pay gap in pro AV is that it is the same in our industry as it is in the U.S. overall. In other words, this week had Equal Pay Day for pro AV as well.
Thought I'd update: the sanction screws have tightened throughout the week, deepening the economic impact. That means higher impact to Europe and to oil prices. The U.S. Federal Reserve Board made its first formal comments on the war this week, with Chair Powell citing massive uncertainty.