The retail sales in the US have experienced fluctuations over the past decade. From 2013 to 2019, there was a steady increase in retail sales, with values rising from $4.4585 trillion to $5.3434 trillion. However, the sector faced a notable decline in 2020 with a sharp year-on-year drop of 15.23%, likely due to the COVID-19 pandemic. This was followed by a strong recovery in 2021 with a 16.8% increase, and a continued rise through 2022 and 2023, where sales stood at $5.7848 trillion. The compound annual growth rate (CAGR) from 2018 to 2023 was 1.88%.
Looking ahead, forecasted data from 2024 to 2028 indicates a more moderate growth trajectory, with an estimated CAGR of 1.47% and an expected total growth rate of 7.56% over these five years. By 2028, retail sales are forecasted to reach $6.3275 trillion.
Future trends to watch include potential impacts of digital transformation in retail, supply chain disruption risks, evolving consumer preferences towards sustainability, and the influence of inflation and economic policies on consumer spending power.
