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.
- U.S. Retail Sales Jump as Delta Shifts Spending Back to Goods
- When Will Supply Chains be Back to Normal? And How Did Things Get so Bad?
- U.S. Retailers Have Announced Twice as Many Store Openings as Closings
- Holiday Spending Projected to Grow Up to 5%
- Retailers Betting on Wage Hikes, Perks to Woo Workers for the Holidays
- HdL Announcements
U.S. retail sales unexpectedly increased last month in a broad advance, suggesting resilient demand for merchandise even as production constraints limit supply. The value of overall retail purchases increased 0.7% in September following an upwardly revised 0.9% gain in August, Commerce Department figures showed. Excluding autos, sales advanced 0.8% in September.
Wondering why everything from cars and refrigerators to books and toys is in short supply? Blame the fouled-up supply chain that connects manufacturers around the world with the makers and assemblers of their component parts, as well as with the consumers and businesses that buy the finished goods. The problem emerged shortly after the COVID-19 pandemic struck, and it’s seemed to get only worse since then.
Though the pandemic has continued to present major challenges, it has been a banner year for store opening announcements by U.S.-headquartered retailers, according to The Daily on Retail, a financially focused industry research platform, which counts roughly 5,725 store opening announcements year-to-date through calendar 3Q21. This is nearly double the 2,890-plus store closing announcements over the same period and highlights retailers’ optimism and their recognition of the importance and longer-term benefits of physical stores.
This year's holiday season will be a bit less worrisome for retailers and consumers alike, but according to the NPD Group's research, the majority of shoppers still think this year's holiday season will look more like last year than 2019. Taking into account October and early January, holiday spending could increase by 5%, the NPD group estimated. More than half of shoppers (58%) said they are open to shopping in stores now that vaccines are widely available.
Just like every year, an abundance of retail jobs will be open this holiday. But, this time around, there might not be enough workers rushing to fill them. With a competitive job market threatening to bleed through the hectic holiday shopping season, retailers are now taking extra measures to lure in potential candidates and keep their existing ones.
Click the links below to access our recent client communications.
HdL will be at the following upcoming events:
- CMRTA Annual Conference - Being held November 3 - 4, 2021, Berkeley, CA. HdL Client Advisor Connor Duckworth will be presenting an introduction to Revenue and Taxation at the conference. Hope you can attend!
- CSAC Annual Meeting - Being held November 30 - December 3, 2021 in Monterey, CA. Visit us at Booth 202.
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