One thing moving markets…

… is the price of your next summer read, according to the Consumer Price Index (CPI). Despite inflation and high prices in recent years, the average cost of recreational books in June 2024 is about the same as it was in December 1997.¹ That’s great news for readers everywhere.

The staying power of bookstores

The rise of e-commerce has changed how readers get reading. While online retailers continue to see strong sales (487 million e-books are purchased by Kindle users every year), brick-and-mortar bookstores are starting a new chapter: Barnes & Noble plans to open 50 new stores this year.² The company experienced robust sales during the 2023 holidays and a successful year overall, positioning the retailer for expansion, CEO James Daunt told Publishers Weekly.³

There has been an uptick in local bookstores, too. Data from the American Booksellers Association (ABA) found that independent bookstores had a 580% increase in sales since 2020.⁴ Even in an era of cost-conscious consumers, many are flocking to their neighborhood bookstores, even if prices sometimes run higher than what national retailers offer. In fact, the ABA had more than 200 new members in 2023 — and almost double the number of booksellers compared to 2016.⁵

Turning the page

Americans aren’t only reading on their screens. Physical books have stood the test of time — and thrived. A 2022 survey found that 65% of readers preferred physical books to e-books and audiobooks, though few respondents said they stuck with only one format altogether.⁶

Some data shows that social media sites have also contributed to a rise in physical books.2 BookTok has had a substantial impact on reading habits across generations: in 2020, the popular social trend spurred the sale of 13 million copies.⁷ By the next year, that number had more than doubled to 27 million copies. The rise of Japanese graphic novels — or manga — among Gen Z readers in particular — appears to be a major factor for these figures.

Listen up: Audiobooks on the rise

Audiobooks are also experiencing substantial growth. According to data from Bookstat, the audiobook market grew by 28% in the fourth quarter of 2023 compared to the year before.⁸

Part of this growth can be attributed to Spotify’s entry into the audiobook market. While Spotify offered audiobooks for purchase since 2022, customers had to buy copies before listening to them. But since 2023, Spotify Select Premium subscriptions came with 15 hours of audiobook time each month.⁹

And a few top headlines

Netflix’s strategy of adapting books to television series boosted literary sales.

• Following the ‘Bridgerton’ season 3 trailer release, sales of the book series increased 552%.¹⁰ Similarly, adaptations of ‘Fool me once,’ ‘One Day,’ and ‘The Talented Mr. Ripley,’ propelled these titles back to bestseller lists years or even decades after the original release.

An Olympic medal win comes with pride, endorsement deals, and… a cash bonus?

• Many countries pay their athletes a bonus if they bring home a coveted piece of Olympic hardware. Hong Kong pays the most, at $768,000 per gold medal, while Australia pays $13,000 per gold medal.¹¹

Roasted coffee prices have increased 18.6% in the past three years, according to the Consumer Price Index (CPI).¹²

• Empower Personal DashboardTM data shows coffee-lovers spent $30.27 a month on average in the first six months of 2024, up 9% from 2021.

Amid high interest rates and persistent inflation, small cars race ahead.

• Sales for compact cars rose by 18% in the first part of 2024 - and sales for full-size pickup trucks decreased by 4%.¹³