This year, it is projected that US retail sales will reach $7.334 trillion, indicating a 3.3% increase compared to the previous year.
Despite the increase, analysts believe that the rate of growth will slow down significantly compared to previous years.
This week we dive into the latest predictions for Q3 and beyond.
THIS WEEK’S HIGHLIGHTS
- Retail Theft Crackdown: How the inform act will combat retail theft
-
Q3 and beyond: Breaking down retail’s ‘new normal of slower growth’
-
Q1 2023 Benchmark Report: Click HERE to see how your store compares to the industry average
FOOT TRAFFIC INDEX
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Retail Theft Crackdown
Starting on Tuesday, the Inform Consumers Act will be implemented as a new legislation targeting organized retail theft and the sale of counterfeit and dangerous products on online platforms. This development comes as many retailers attribute their decreased profits to theft incidents.
Under this law, online marketplaces like Amazon and eBay are required to verify and disclose information about third-party sellers who engage in a significant number of transactions on their platforms. The intention is to discourage individuals who sell stolen or harmful goods from operating on these platforms.
If the companies fail to get in line, they could face more than $50,000 in fines for each violation.
Click HERE to learn more about the future of retail theft prevention.
Breaking down retail’s ‘new normal of slower growth’
This year, it is projected that US retail sales will reach $7.334 trillion, indicating a 3.3% increase compared to the previous year. However, Zak Stambor, a growth analyst at Business Insider, predicts that there will be a new normal of slower growth in the future.
While the rate of inflation growth has been decreasing month by month, it is still relatively high compared to the previous year. According to CNBC, there was a 5% increase in inflation in March 2022.
Furthermore, OPEC+ recently announced a reduction in oil production, which could result in higher gas prices and potentially affect consumer spending.
Looking ahead, the expected annual growth rate for retail sales is anticipated to range from 3.3% to 3.5% until 2027. This represents a significant decline from the growth rates of 8.1% in the previous year and 17.9% in 2021.
Retail Snippets.
State of Retail: NRF releases their State of Retail 2023.
One hit wonders: Costco cracks down on membership card sharing.
Bed Bath & the great Beyond: Overstock wins Bed Bath & Beyond IP at auction with $21.5M bid.
Random Irrelevance
Wildfire smoke live updates: Air quality alerts have been issued in 20 US states.
Grounded: In a major discovery, scientists say space-time churns like a choppy sea.
The last disc: Netflix is winding down its DVD business after 25 years.
The post Retail Traffic Trends #134: Retail Theft Crackdown appeared first on Doorcounts Retail Sales Cloud.
View Original Article
