NRF forecasts 2023 retail sales to grow between 4% and 6%
During the State of Retail & the Consumer virtual event, NRF released its annual retail sales forecast anticipating sales growth between 4% and 6% in 2023. In total, NRF projects that retail sales will reach between $5.13 trillion and $5.23 trillion this year. NRF projects a full year GDP...
Private Label Sales Up 11.3 Percent
Domestic private brand sales hit a record last year, increasing 11.3 percent to $228.6 billion compared to the year before, according to research from the Private Label Manufacturers Association’s 2023 Private Label Report. Read more …
Retail sales jump 3% in January
US retail sales grew 3% in January, beating analysts’ forecasts and marking the biggest month-over-month jump since March 2021, according to the Commerce Department. Sales were up in all categories tracked by the report, including department stores and restaurants, and January retail sales grew 6.4% from the same month...
Online Grocery Sales to Grow Through 2027
Total U.S. grocery sales are forecast to grow at a compound average growth rate of 11.7 percent over the next five years, according to the 2023 Brick Meets Click/Mercatus 5-Year Grocery Sales Forecast. Sustained growth will increase digital grocery’s share of overall grocery spending to 13.6 percent in 2027....
Digital wallet use on the rise for grocery shopping
Digital payments became more widespread during the pandemic, especially among millennials and Generation Z consumers. A study from PYMNTS shows that 24% of respondents used digital wallets to pay for their previous grocery purchase.
Consumers buy fewer groceries to save money
Inflation has led 72% of shoppers to cut down on the number of grocery items they buy, according to Morning Consult. Consumers are also trying to save money by buying less meat, comparing prices, shopping at multiple stores, buying in bulk, using coupons and opting for generic or store...
The self-checkout grocery debate continues
In today’s grocery space, most grocers offer the choice at the checkout lane. With the older generation of shoppers, there was a time when one checkout lane was all there was to choose from. So, no debate even existed. The younger generation has always had two lane options. So,...
Grocery customers willing to wait longer for reduced fees
Shoppers cite lower service fees as the main reason they choose grocery pickup over delivery, and half say they would opt for next day delivery or longer if the option came with reduced fees, according to a Mercatus poll. “It turns out that by giving customers a choice about...
Digital grocery sales continue to rise
Delivery and pickup account for 48.3% and 51.7% of all digital grocery fulfillment, respectively, according to data from Incisiv and Wynshop. Digital grocery sales rose 10.6% in August compared with the month before, and digital basket size increased 8.5%. Read more …
Retailers are still opening stores in spite of recession fears
Despite fears of a recession, US retailers have announced 4,432 store openings compared with 1,954 closings so far this year. Read more …