This November, US retail sales found renewed strength as consumers boosted their spending ahead of the holiday season.
As the end of the year approaches, it’s time we look back at the top retail trends of 2023 and the data underpinning them.
Today’s Rundown
- Maximizing Holiday Sales: Strategies from industry leaders for the final shopping stretch.
- November in retail: A look into the high-performing month of November 2023.
- OUT NOW – Q3 2023 Benchmark Report: Click HERE to see how your store compares to the industry average.
2023 in data: Retail trends that have shaped the sector this year
Shoppers have shifted the way they search for products. As the end of the year approaches, Retail Insight Network looks back at the top retail trends of 2023 and the data underpinning them.
Not surprisingly, inflation played a major role in retail trends in 2023. Consumers have chosen to reduce non-essential spend on other areas of retail. Consumer non-essential spending only rose 2.6% year over year in October compared to the CPIH (an inflation index made up of a basket of goods including housing costs) inflation rate of 6.3%.
Sustainability coninues to be a major factor in what items consumers purchase. Consumers and companies alike are increasingly conscious of the environmental impact of consumption. GlobalData analytics suggest that the most mentioned theme in retail corporate filings this year is environment, with it being mentioned more than 40,000 times.
November Retail Sales
US retail sales found renewed strength in November as consumers boosted their spending ahead of the holiday season.
Furniture and home furnishing stores saw a 0.9% increase in sales compared to the previous month, but decreased 7.3% compared to the same time last year. US retail and food services sales in November were up 4.1% year over year, while total sales from September through November increased 3.4% from the year-ago period.
Electronics and appliance stores saw the greatest growth in sales on an annual basis at 12%, followed by 11.3% for food services and drinking places and 10.9% for health and personal care stores.
E-commerce and technology platform provider Nogin Inc. was the only retailer to file for bankruptcy over the month ended Dec. 14, which is up from zero bankruptcies over the previous month.
Retail Trends
Brands vs. Retailers: The growing divide between retailers and brands.
Maximizing Holiday Sales: Strategies from industry leaders for the final shopping stretch.
Top 100: NRF unveils the top 100 retailers of 2023.
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