A series of recent data has revealed just how much the retail landscape has improved since the doom and gloom that came with shutdowns this time last year.
Census data reveals year-over-year spending growth of 51.1 per cent in April, while retail cargo imports have hit record levels, and the National Retail Federation has tipped the US economy could see its fastest growth in more than three decades.
So, with a welcome abundance of good news currently circulating, let’s break down the data to gain a full picture of what’s currently happening in US retail.
April sales illustrate ‘off the chart’ annual growth
Record retail imports
In a bid to cater to the increased product demand, retail cargo imports have hit record levels.
Data from March indicates US ports covered by Global Port Tracker handled 2.27 million twenty-foot equivalent containers that month.
The NRF explains this was 21.2 per cent higher than February and set a new record for the number of containers seen during a single month since NRF began tracking imports in 2002.
They also note volume during the first half of 2021 is expected to be a third higher than last year.
Fastest economic growth since the ‘80s
With businesses reopening and increased consumer confidence, the NRF says the economy is now on firm footing and could see its fastest growth since the 1980s.
“While there is a great deal of uncertainty about how fast and far this economy will grow in 2021, surveys show an increase in individuals being vaccinated, more willingness to receive a vaccination, increased spending intentions and comfort with resuming pre-pandemic behaviours like shopping, travel and family gatherings,” NRF Chief Economist Jack Kleinhenz said.
“This feel-better situation will likely translate into higher levels of household spending, especially around upcoming holidays like the Fourth of July and spending associated with back-to-work and back-to-school.”
You can learn more about current trends emerging in US retail here. Or if you’re restocking your store and looking to protect your merchandise against theft, see our range of security tags and security labels.