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The U.S. Census Bureau today said overall retail sales in August were up 0.7% seasonally adjusted from July and up 15.1% year-over-year.
Strong consumer spending over the past year has been boosted by government stimulus programs but will rely more on the labor market and job creation as the benefits of those efforts subside.
Organized retail crime and numerous other security concerns evolved in 2020, and most retailers attribute the increase in criminal activity to the pandemic.
Increased COVID-19 vaccinations also allowed consumers to shift some spending from goods to activities like going out to dinner and traveling.
The economy is shaping up well for both retailers and consumers alike.
Nearly three-quarters of consumers celebrating Valentine’s Day this year feel it is important to do so given the current state of the pandemic.
NRF expects that online and other non-store sales, which are included in the total, will increase between 20 percent and 30 percent to between $202.5bn and $218.4bn, up from $168.7bn last year.
As online sales have skyrocketed during the pandemic, it comes as no surprise that the majority (60%) of consumers say they plan to purchase holiday items online this year.
A V-shaped recovery continues in the US as retails sales accelerated their rate of growth in September.
The remarks came in the October issue of NRF’s Monthly Economic Review, which said consumer spending has seen a clear V-shaped recovery.
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