The Daily Valet. - 1/3/23, Tuesday
✔️ Record Returns
Tuesday, January 3rd Edition
By Cory Ohlendorf, Valet. Editor
I usually have a few things to return after the holidays, but this year, I truly love everything I was gifted and have nothing to take back.
Today’s Big Story
Record Holiday Returns
Retailers Really Don’t Want Your unwanted gifts This Year
January is a tricky time for retailers. Sure, people come to stores with gift cards in hand. And they may spring for workout clothes or other items to follow through on New Year's resolutions. But the next two weeks are a big time for returns.Unwanted clothes, appliances, doodads and gadgets are all getting brought back to stores with requests for some kind of refund instead. And this year is on track to be a record year for returns since we saw record holiday spending.According to Forbes, Americans are expected to return about 18% of the items they purchased over the holiday shopping season this year, or about $171 billion worth of stuff. The only problem? The retailers don't want it back.Even though retailers never enjoy taking back the tsunami of things that get returned after the holidays, they have reason to be distinctly less excited this year. They worked hard to clear out stores and warehouses bursting with excess inventory. A lot of them turned to huge markdowns to get rid of the stuff, putting a dent in profit margins.Which is why, in an effort to mitigate costs, about 60% of retailers are tightening their return policies, according to goTRG, a company that helps big box stores process returns. Over 41% of retailers are now charging for return shipping, up from 33% last year, and many are also adding restocking fees.On the upside, another tactic gaining traction is to simply let customers keep items while at the same time issuing a refund. That way retailers never have to see the merchandise again. So-called returnless refunds hit $4.4 billion in 2021, and roughly one-quarter of retailers are now employing the strategy in some way. Which means you might end up getting a full refund while still hanging onto that unwanted gift. Hey, if you try selling it online, you could nearly double your money.
DIg Deeper:
See inside a massive warehouse that handles returned clothes for major fashion brands.
NFL’s Damar Hamlin Collapses on the Field
The Monday night Bills-Bengals game was postponed
Not even all the way through the first quarter of the final Monday Night Football game of the season, Buffalo Bills safety Damar Hamlin suffered a scary injury on the field. He went to make a tackle and stood up for a beat before collapsing on the ground.Quickly, a stretcher and ambulance came onto the field as most of Buffalo's players and some Bengals gathered around Hamlin as he was administered CPR. He was transported to a Cincinnati-area hospital in “critical condition” after receiving “immediate medical attention on the field by team and independent medical staff and local paramedics,” per an NFL statement Monday night.Players on both teams were in tears and huddled up to pray for Hamlin before going back to their respective locker rooms. The game was eventually officially postponed and late Monday night, Jordan Rooney, Hamlin's marketing representative and friend confirmed that Hamilin was having several tests done. “His vitals are back to normal and they have put him to sleep to put a breathing tube down his throat.”
FYI:
The NFL did not say when or if the game would be made up or resumed.
If one thing unites all Americans, it’s the conviction that paying taxes is a pain. Why can’t the U.S. be as great as the Faroe Islands?”
- Ryan Cooper on The Greatest Tax System in the World
Dubai Drops Its Hefty Alcohol Tax
The decision eliminates a major source of revenue for Dubai's ruling family
Dubai has scrapped its infamous 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and tourists.Offering significantly cheaper liquor is likely to bolster Dubai's position as the Middle East's center for tourism and business at a time when economists are warning of a global economic slowdown that could dent spending. After all, this was a city where prices for a bottle of wine started at around $100.The decision eliminates a major source of revenue for Dubai's ruling family, but analysts believe that keeping happy, lubricated vistors in the country will pay off. Boozy consumers have historically traveled to nearby emirates to make bulk alcohol purchases at lower prices.
Dig Deeper:
The changes are part of a plan to make Dubai more attractive to visitors amid rising competition from Saudi Arabia.
Where Are You Headed in 2023?
Italy will be hot again next year, along with a re-opened Asia, beaches and the Mountain West
Speaking of travel, the Washington Post's Natalie Compton spoke to a host of industry experts to get a sense of the prime destinations for 2023. One of the biggest names that came up is Japan—which not only recently reopened, but is also where my partner and I plan on relocating to (temporarily) in February.The consensus among the pros is that Italy will see another substantial influx of foreign tourists. Would I be right in assuming that both Succession and The White Lotus played, at least, a small role in this?Many of the destinations that are attracting attention for 2023 are those that also drew plenty of visitors last year—including Mexico and Egypt. The Post also reports that demand for travel to Morocco and the Galápagos Islands is also likely to increase this year. What destination is on your bucket list for the year ahead?
Meanwhile:
Afar curated 12 global destinations for 2023 that feel poised for a “moment”, from creative cities and seaside villages to national parks.
In Other News
Welcome back, Tesla and Chevy.
Have you heard about ...
Improve Your Memory
Scientifically proven ways to supercharge your recall rate
Few things make you feel completely out of it like forgetting something, right? When you misplace your wallet or can't seem to remember where you parked, you're left feeling confused and almost disoriented.What was I gonna say? Or you know, that one guy from that show, uh ... anyway where was I going with this? You get the point. Our brain is a vital part of our body and we probably don't exercise it enough. But there are simple things we can do to sharpen our mind.And the stronger it gets, the more ironclad your memory stays. We consulted some medical experts along with the latest studies and put together 10 scientifically proven ways to supercharge your recall rate.
Read:
Shopping
What We’re Buying
A Down Jacket
A streamlined, contemporary style ($80 / $64) that's wind and water-resistant, featuring recycled fill to defend against inclement weather, finished with oversized side pockets and adjustable bungees for a cinched waist.
Want more options?
20 of the best down jackets this winter.
Morning Motto
This too shall pass.
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