U.S. retail sales increased for the sixth consecutive month in October. However, as consumer demand for ready-made clothing slowed, the overall retail growth rate also slowed down.
U.S. apparel retailers announced their October revenue report, with sales decreasing by 4.2%. Compared with September, the sales reported by this segment were Like sporting goods stores, overall sales have experienced a severe decline. According to data released by the US Census Bureau (USCensus Bureau), the annual growth rate of clothing store sales in October 2020 fell by 12.6% year-on-year.
After seasonal adjustment, the overall sales of the U.S. retail industry in October increased slightly by 0.3% compared with September, but increased by 5.7% compared with the same period last year. . In comparison, September’s updated monthly sales growth rate was 1.6%, and the annual sales growth rate was 5.4%. After a record decline in monthly revenue this spring, monthly sales have been improving month by month since June, and the year-over-year portion has also been growing month by month.
Ken Perkins, president of market research company RetasdfssdfsilMetrics, pointed out that consumers and retailers encountered major headwinds in October, including an unemployment rate of 6.9% and a fierce presidential election. On top of that, as COVID-19 infections and deaths continue to rise, sales will continue to shift to digital channels. The lack of progress on the government’s stimulus package is also concerning.
JasdfssdfsckKleinhenz, chief economist of the National Retail Federation (NRF), said that although the new crown pneumonia pandemic continues to affect households and businesses, retail sales in October remained the same. On track.
In the past few weeks of December, amid these abnormal economic conditions and the rising number of infectious cases, it is good news that retail sales have continued to expand steadily. Shopping season promotions appear to have boosted sales in October. The growing number of COVID-19 infections remains the key to influencing consumers’ perceptions, emotions and spending on shopping. If we cannot stop the latest wave of the epidemic, we may resort to layoffs to tighten spending. Still, retailers are ready to safely resume their shopping season product lists, and so far, results show that October has been surprisingly good.
According to the calculation of retail sales by the National Retail Federation (NRF) (excluding car dealers, gas stations and restaurants, focusing on the core retail sector ) shows that after seasonal adjustment, October increased by 0.2% compared with September. Without seasonal adjustment, the annual sales growth rate increased as high as 10.6%. In comparison, monthly sales growth in September increased by 0.9%, and the annual growth rate increased by 12.9% year-on-year.
Figures from the National Retail Federation (NRF) point out that based on the three-month moving average, without seasonal adjustment, the same period last year. than growth of 10%.
October sales growth was mainly driven by online sales, with a monthly sales growth rate of 3.1% and an annual growth rate of 26.3%, which was mainly attributed to AmasdfssdfszonPrimeDasdfssdfsy and related online sales Promotional activities, the promotion season starts in July and ends in October. Sales of 7 of the 9 major retail categories all showed growth compared with the same period last year.
After seasonal adjustment, the monthly sales growth rate of clothing and clothing accessories stores decreased by 4.2%, and the annual sales growth rate without seasonal adjustment decreased by 22.3%.
After seasonal adjustment, the monthly sales growth rate of sporting goods stores also decreased by 4.2%, and the annual sales growth rate without seasonal adjustment increased by 14.1%.
There is still a long way to go to achieve a meaningful recovery
Global General Manager Neil Saunders pointed out that overall, retail sales continue to be strong, which shows that the consumption-based economy maintains a good level of activity.
He said: But compared with the same period last year, the annual sales growth rate has declined. That suggests scaling back benefits and stimulus is starting to take its toll, and the economy isn’t booming as it was early in the pandemic. This is particularly true among lower-income groups, which have seen the largest declines in spending over the past few months.
This is a clear difference in the consumption trends of food and non-food. The sales growth rate of food retailers in October was almost unchanged from September. This makes sense because the food sector is one of the last items that consumers cut back on. But for non-food retailers, consumers are more concerned about spending, and the annual sales growth rate dropped by nearly 3 percentage points year-on-year compared with September last year.
The decline in ready-made clothing has accelerated, with a drop of more than 22% compared with the same period last year. Given that October is the month when consumers start buying heavy clothing in preparation for the cold season ahead, the digital results are somewhat disappointing. We believe this shows that the apparel industry is still a long way from any meaningful recovery.
In short, Sasdfssdfsunders said that the message entering the shopping season is clear: consumers are still spending, and there is still an influx of funds from other economic sectors, which has a negative impact on retail sales. Business people help. The year will end on a solid note, and unless there is another injection of stimulus it will not be able to achieve the prosperity of the past. If market conditions continue to slow down, the outlook for early 2021 does not appear to be stable.So optimistic. </p
