Consumer spending news and archive

Father’s Day spending to reach record $24 billion

Father’s Day spending is set to reach a record-breaking 24 billion dollars this year, according to data from the National Retail Federation and Prosper Insights & Analytics. This number is up from 22.4 billion dollars last year and is more than the former record of 22.9 billion dollars in 2023. “Americans are embracing meaningful traditions and...

Retail

NRF projects $5.42 trillion in 2025 retail sales amid global economic uncertainty

US retail sales are forecasted to grow between 2.7 percent to 3.7 percent in 2025, reaching 5.42 to 5.48 trillion dollars, according to the National Retail Federation (NRF). This projection was shared earlier this week, during the NRF’s annual State of Retail & the Consumer event, and reflects economic momentum driven by low unemployment and...

Retail

January storms boosted online and non-essential spending in the UK

Essential spending returned to growth in January after four consecutive months of decline, while wellness and social media trends drove discretionary purchases, according to new data from the Barclays Consumer Spend report. Despite falling consumer confidence in the UK economy, down five percentage points to 21 percent, spending on essential...

Retail

Industry leaders comment on September retail sales growth

Retail sales rose by 0.3 percent in September and increased 3.6 percent by value and 4 percent by volume. Three industry leaders comment on the latest figures: Kris Hamer, Director of Insight at the British Retail Consortium, said: “September saw the strongest retail sales growth since January, and the highest sales volume since March 2022. This...

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Business

Demand for fast-fashion in the US continues to grow

Despite growing concerns surrounding climate change and overconsumption, demand and expenditure for fast fashion in the US continue to gain traction. One of the largest markets in the world for both fast fashion and luxury, consumer expenditure on fast fashion grew 2 percent compared to the same period last year, according to new data from...

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How will inflation affect consumer spending?

The multi-million dollar word on every retailer’s lips right now is inflation. Despite the Inflation Reduction Act passing through the House and the Senate, and signed by President Biden, inflation is still poised as an issue for the state of the economy. CNBC recently reported that 70 percent of Americans are looking for extra work to combat...

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Outlook: EU and US apparel consumption could fall by 300 billion US dollars in 2020

Most European countries and the United States have been in lockdown since mid-March due to the Covid 19 pandemic, and brick and mortar stores have been closed accordingly. Although online retail continues, it is proving difficult due to falling consumer spending, transport issues and disruptions of the supply chain. A forecast by Indian...