HdL HeadLines calls out retail trends affecting the economy and HdL news to provide you with insight and support in your budget preparation and economic planning.
- Retail Workers Quitting at Record Rates for Higher-Paying Work
- As E-Commerce Sales Proliferate, Amazon Holds on to Top Online Retail
- U.S. Retail Sales Take Step Back as Spending Pivots to Services
- Best Buy Will Sell Luggage, Grills as It Seeks to Capitalize on Reopening Economy
- National Retail Federation Boosts Its Annual Forecast
- Independent Sellers Poised for Explosive Growth
- HdL Announcements
Retail workers, drained from the pandemic and empowered by a strengthening job market, are leaving jobs like never before. Some are finding less-stressful positions at insurance agencies, marijuana dispensaries, banks and local governments, where their customer service skills are rewarded with higher wages and better benefits. Some 649,000 retail workers put in their notice in April, the industry’s largest one-month exodus since the Labor Department began tracking such data more than 20 years ago.
As Amazon prepares for its annual Prime Day megasale, its reign as the biggest online retailer in the country is eye-popping: It’s projected to be raking in more than 40% of the nation’s e-commerce sales by the end of 2021. Amazon’s dominance on the internet has only grown as shopping online becomes second nature for many consumers. That’s exactly what has transpired over the past 13 years.
U.S. retail sales dropped more than expected in May, with spending rotating back to services from goods as vaccinations allow Americans to travel and engage in other activities that had been restricted by the COVID-19 pandemic. Sales in April were revised sharply up and are well above their pre-pandemic level, keeping intact expectations of double-digit growth in both consumer spending and the economy this quarter.
Best Buy is starting to sell luggage and outdoor grills, as it tries to take advantage of the rebounding travel industry and the popularity of investing in the home. The consumer electronics retailer said that shoppers can now find Tumi suitcases, Weber grills, and other outdoor items, from patio furniture to heaters, on its website and in select stores — along with its usual mix of laptops, videogame consoles and other gadgets.
The National Retail Federation boosted the industry’s outlook for the year saying it anticipates “the fastest growth that we’ve seen in this country since 1984," said NRF’s chief economist Jack Kleinhenz. Retail sales are expected to grow between 10.5% and 13.5% to an estimated total of $4.44 trillion to $4.56 trillion in 2021, as the economy rebounds from the coronavirus pandemic and customers spend money they have socked away. That forecast includes store and online sales but excludes automobile dealers, gas stations and restaurants.
The pace of growth of independent sellers on marketplaces is not waning anytime soon. Propelled by robust online sales, independent — or third-party — sellers as a segment are expected to rise by triple digits in the next year. But anyone looking to get in on the game needs a clear strategy, and an understanding of the challenges they face.
Upcoming Webinar - 1Q 2021 Consensus Forecast
Please join us for a live update and discussion on our quarterly Consensus Forecast. HdL will present an up-to-date view on California’s Retail Economy based on current 1st Quarter 2021 data. Knowing this vital information could be essential to addressing your communities needs during these trying times. Click HERE to register now.
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