This piece highlights the most significant numbers in the retail sector that marketers should keep in mind in 2021.
Despite uncertainties and ubiquitous public health emergencies, the 2020 US retail sales grew 6.7% over 2019. Last year the total revenue from retail sales in the country was around $4.06 trillion. The National Retail Federation estimates that US retail sales would surpass $4.44 trillion in 2021.
The US physical store sales are projected to exceed $3.3 trillion in 2021, while globally, it will reach $21.4 trillion by 2024. Studies show that retail is the largest private-sector employer in the United States, supporting one in four American jobs.
The American retail sales depressed during the first two quarters of 2020 due to the pandemic but started improving with the third quarter. The sales in the fourth quarter of last year reached $1.47 trillion.
[17 minute read]