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| Here's your daily business briefing. - ✈️ Airlines gear up for record Thanksgiving travel
- ☀️ Deep Dive: Solar to outpace hydropower in the U.S. in 2024
- 🛍️ Shoppers flock to "dupes" as brands worry
Make sure to continue reading the Quarterly Earnings Report and the Quick Hits. Shriram
p/Shriram | |
| 1 | | Airlines are bracing for record Thanksgiving travel demand, with an expected 30 million passengers screened by the Transportation Security Administration from Nov. 17 to Nov. 28, the highest ever. The busiest day is predicted to be the Sunday after Thanksgiving, with an estimated 2.9 million passengers flying, as airlines focus on avoiding the issues of the previous year, marked by numerous cancellations due to a winter storm. More: - To address prior flight cancellations, Southwest Airlines invested in upgrading aircraft de-icing and enhancing technology for improved crew rescheduling during disruptions.
- United Airlines has implemented a new boarding sequence to increase efficiency and updated self-service features in its mobile app to help users amid interruptions.
- Delta Air Lines anticipates carrying 6.2 million to 6.4 million passengers, United expects 5.9 million, and American Airlines aims for a record 7.8 million travelers during Thanksgiving.
- Thanksgiving travel deals have decreased from $271 in 2018 and $276 in 2019 to an average of $248 this year for domestic round-trip flights — a slight reprieve from rising inflation, even with the recent rise in travel.
- The Department of Labor reports that the most recent U.S. inflation data indicated a fall in airfare of more than 13% overall.
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What the numbers say: In 2024, the U.S. is anticipated to produce more than 318 billion kilowatt-hours of electricity from solar power, exceeding hydropower for the first time, as hydropower is projected to generate 284 billion kilowatt-hours in the same year. While solar surpassed hydropower every month in September 2022, the annual crossover is expected in 2024. Relevance: The transition marks a substantial shift in the U.S. power system, propelled by a surge in solar panel installations, especially in residential systems, reflecting a broader trend favoring solar energy over traditional hydropower sources. More data: While annual hydropower capacity increased by less than 1% from 2009 to 2022, solar capacity saw a significant average annual growth rate of 44% during the same period. | | | |
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| 3 | | The rise in "dupe" purchases is driven by a dual force of increasing demand for imitative products and a spending slowdown attributed to inflation. TikTok's growing popularity of hashtag searches for dupes of significant brands like Skims and Ugg boots, where influencers advocate alternatives from value retailers, further propels this trend. More: - The emergence of fast fashion is associated with the enthusiasm surrounding dupes, and price comparisons made possible by e-commerce sites like Amazon have propelled the sales of dupes.
- Amazon prohibits sellers from using terms like "dupe" or "fake" in connection with a brand name, but enforcement challenges persist, allowing some products to violate this policy on the platform.
- Alibaba, a Chinese online marketplace, makes it easier for con artists to locate and work with manufacturers, enabling them to replicate high-end designs.
- According to a survey of millennial and Gen-Z customers, despite the popularity of dupes, 30-49% of purchasers have been dissatisfied with their online copycat purchases.
- Monthly sales for the fake brand CRZ Yoga are approximately $2.84M, with an average of 88,633 leggings sold.
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| 4 | | According to a LICADHO report, waste from 19 global brands, including Adidas and Walmart, is reportedly being utilized as fuel for brick kilns in Cambodia. The Cambodian League for the Promotion and Defense of Human Rights discovered during visits to 21 brick factories between April and September that seven of them burned pre-consumer garment waste from these brands to reduce fuel expenses. More: - Due to the burning of clothing waste, workers complained of health concerns like headaches and breathing troubles.
- Adidas, Walmart, Lululemon Athletica, Primark, Disney, and other brands are mentioned in the research.
- A 2020 UNDP study found that burning garbage made of clothing can produce harmful compounds, such as dioxins, which can cause cancer.
- Several firms, including Adidas, Lidl, and Primark, launched inquiries after reading LICADHO's study to determine if waste was being routed to unapproved disposal sites.
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| 6 | | Belgian e-bike startup Cowboy aims for full-year profitability in 2024 and anticipates achieving EBITDA profitability by the end of the second quarter. CEO Adrien Roose is confident that Cowboy will achieve full-year profitability by Q3 2024. More: - Dubbed the "Apple of e-bikes," Cowboy sets itself apart by incorporating software features into electric bikes, emphasizing design while outsourcing manufacturing to optimize costs.
- Cowboy introduced the Cruiser e-bike with an upright seating position to promote better posture and vision when riding.
- The e-bike market has seen difficulties; rivals such as VanMoof and Revonte have filed for bankruptcy because of changes in the dynamics of the supply chain and a decline in demand following the epidemic.
- Cowboy's distinct business model and cost-effective approach have positioned it more favorably than competitors, steering clear of excessive ordering and maintaining lower inventory levels.
- Cowboy's top-selling models achieved a 38% year-over-year revenue increase and a 19% year-to-date reduction in operating costs.
Zoom Out: - Fortune Business Insights predicts that the e-bike market will attain $119.7B by 2030, with a compound annual growth rate of 15.6% from 2023.
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| 7 | | Quick Hits: - Raising capital? Fundingstack's DB of 200,000 investors is your secret weapon. Use code "Inside" for 30% off x 3 months. Start your trial here and get funded faster.*
- OpenAI has appointed former Twitch CEO Emmett Shear as its interim CEO following the removal of former head Sam Altman, a development that caused a stir in the tech industry.
- Cadillac unveiled its fourth electric vehicle, the Optiq, a compact crossover positioned as the entry-level model below the Lyriq, starting at around $59,000.
- Sierra Space confirmed the termination of approximately 165 employees on Thursday, with the spokesperson declining to specify the number of affected contractors.
- Pasterick, the CFO for Nikola, is leaving the company soon after being hired, just in time to learn that the majority of its battery-powered commercial trucks will require a recall that will cost approximately $61.8M.
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 | Freelance Writer | | Shriram is pursuing Master’s in Business with Marketing at Warwick Business School. He worked as a Senior Consultant in Tech and Political Consultancies before his Masters. He is passionate about Tech, Marketing, Strategy, Anthropology and Politics. He is also the Postgraduate Ambassador for Warwick Business School. | | This newsletter was edited by Aaron Crutchfield | |
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