The retail industry is vastly improving as discretionary retail sales revenue in the US grew 17% from January 1 through May 8, 2021, according to The NPD Group. Additionally, retail sales increased 18% over 2019. As vaccination rates go up and consumers feel more comfortable in their lives, growth in the US economy is increasing.
The NPD group explored the major trends affecting global industries, and one they focused on was the rise in experiential spending. Consumers are once again spending on travel, dining out and other experiences. This socialization shift will create more movement in products related to emerging needs.
“Some experiential spending is already coming back strong, as consumers do more, dress up more, place more emphasis on appearance and health and start to spend more on tangible products related to travel and other experiences,” says Marshal Cohen, chief retail industry advisor for NPD.