Furniture store sales rose 32.5%, but were still 29.7% lower than last year.

That's because the report comes out monthly. In March 2020, the National Retail Federation predicted that the industry would lose $430 billion in revenues in the third quarter of 2020. She writes about the U.S. Economy for The Balance. Most importantly, look at About 20% of annual retail sales occur during the holiday season. Retailers will play a more active role in supporting the health and wellness of consumers. Predictably, 2019 was a year in transition. The Census Bureau doesn't adjust its statistics for inflation. We have already seen a significant pivot towards innovative new technology, and there is no sign of this letting up next year. Physical stores will offer a much more digital experience in 2019, by using technology to make it easier for customers to find items and gain more product information. Seamless shopping experiences is key. Many well-known department stores had declared bankruptcy in May due to high debt entering the pandemic. You can use the retail sales report to predict GDP before that news comes out. Drug stores, an essential service, only saw an increase in sales of 3.5%. 2019 had the slowest rate of spending growth since 2010, largely driven by Brexit uncertainty. Retailers and suppliers will deliver targeted marketing, and new ways to make online shopping more social, instantaneous, and convenient. This means that both consumers and businesses will be thinking more about wellness and the role of retail in promoting cleaner living going forward.5. The next wave of innovative and leading retailers and brands will move beyond reducing their impact.3. Department stores rose by 19.8%, although still down 27.7% for the year. We forecast that 2019 will mark another strong year for the sector, with total retail sales expected to grow 3.3% to $5.529 trillion and ecommerce sales expected to grow 15.1% to $605.3 billion. Multichannel sales. Sporting goods and hobby store sales increased by 26.5%, down 9% YOY. In February 2020, the NRF had predicted 2020 retail sales would grow between 3.5%-4.1%. Data dictates the way: data will be one of the main building blocks of retail growth. “People will no longer need to visit a retailer’s online store. U.S. economic growth, as measured by gross domestic product, is reported quarterly. Most shoppers aspire to eat and live well, with 85% saying they are actively trying to improve their diet, but aspirations don’t always translate into action. Oil prices drive 54% of gas prices. Retail sales in the US surged 7.5% month-over-month in June of 2020, following an upwardly revised record 18.2% rise in May. The exception could be those, like indoor dining, that can't institute social distancing. Building material and garden supply store sales fell by 0.3%. Supporting them to both look and feel good will be a major priority for retailers and their suppliers. In 2019, the market will be defined … Pay attention to forecasts for specific holiday sales. With that in mind, let’s take a look at 2019’s top retail trends, and get ready to start strategizing for the year ahead. This gives these spaces an advantage over online providers, and we are seeing stores begin to capitalise on that and add in extras to incorporate more of the benefits of online.”4. US Retail Sales Report, Current Statistics, and Recent Trends2 Reasons Why Halloween Sales Hit $9 Billion in 2018What Is the Current Inflation Rate? A real recovery won't occur until a safe and effective vaccine is developed.

In this pandemic, the future of retail depends on a virus. It doesn’t reflect the way people want to shop.

Therefore, the retail sales report is a more current measurement of economic health. Sizing up retail industry trends in 2020. This has the potential to change the way that retailers think about selling in the future.” “2019’s biggest trend of all is likely to be the continuation of rapid and radical change in the food and grocery industry. Gas station sales rose by 15.3%. Coresight expects 2019 will not be the year of retail Retailers are no longer thinking about just reducing waste, but want to make a positive, tangible contribution. Through customer datasets, artificial intelligence (AI) and machine learning in-store, retailers can target products and offers more effectively whilst maintaining appropriate stock levels and improving customer service. Jan Rogers Kniffen, a retail industry consultant, estimated that 30 well-known brands might be forced to file for bankruptcy protection.

Depends on Who You Ask.Consumer Spending Plummeted 34.6% in Second Quarter 2020What Durable Goods Orders Tell You About the FutureWhat Happens to My Store Credit Card When the Store Closes?COVID-19 Spikes Only Make Matters Worse as Evictions Resume Insights gained through closer customer engagement will provide invaluable guidance to retailers looking to grow their businesses: making stronger connections beneficial to both groups.2. The industry faced large-scale business restructuring: 85,000 jobs lost, a … As they look at pictures, watch videos or TV they’ll be able to just add products to a shopping cart. The Retail Sales Report Predicts Economic Growth . Kimberly Amadeo has 20 years of experience in economic analysis and business strategy. Retail is changing at an unprecedented speed, and with it come big challenges and opportunities.

That's still a 13% annual increase.

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