However, research based on US figures shows that this shift has played only a minor part: it appears that the industrial and the services sectors both follow more stable patterns than they did a few decades ago. A second explanation offered for cyclical damping is that ICT developments have led to improved inventory management efficiency.
ICT applications have enabled businesses to organise their inventory management in more efficient ways. But ICT applications have not helped predict the future development of consumers’ inclination to spend. If consumers spend 100 million euro less than expected on their Christmas shopping, stocks increase by 100 million euro’s worth.