UPS - US Parcel Revenue Sees First Decline in 7 Years Report Finds | Benzinga
The U.S. Parcel Shipping Index, released Wednesday by the global shipping and mailing company, highlighted 2023's shifts in the carrier-competitive landscape and consumer behaviors. U.S. parcel revenue fell 0.03% from $198.4 billion in 2022 to $197.9 billion last year despite a slight parcel volume increase of 0.05% from 21.5 billion in 2022 to 21.7 billion in 2023.
Pitney Bowes expects U.S. parcel volume to reach between 23 billion and 35 billion by 2029.
Of the four largest carriers — the U.S. Postal Service, Amazon (NASDAQ: AMZN), UPS (NYSE: UPS) and FedEx (NYSE: FDX) — only Amazon grew volumes year over year at 15.7%. Amazon and the Postal Service both saw revenue growth, but UPS and FedEx experienced declines in parcel volume and revenue.