Based on the data, general merchandise stores sales in the US stood at $759.08 billion in 2023. The year-on-year variation from 2022 to 2023 was 1.41%. Analysis of the past two years demonstrates a steady recovery post-2020, with sales increasing by 6.8% in 2022. Looking at a longer period, the CAGR over the last five years preceding 2023 was 1.45%. Forecasting into the future, the expected CAGR from 2023 to 2028 is 1.12%, with a total growth rate of 5.71% over these five years.
Watch for:
- Impact of e-commerce growth on physical store sales
- Economic conditions affecting consumer spending
- Trends in consumer preferences towards sustainability and local sourcing
- Technological advancements influencing shopping behavior
