US Retail and Food Services Sales Growth Update
US Retail Sales Update
25
25
Retail Sales 4Q 2021 Retail Sales FY 2021
9.2%
6.5%
+17.3%
year-on-year¹
+19.3%
year-on-year¹
US Retail and Food Services Sales Growth
53.4%
(y-o-y)¹
29.7%
28.0%
18.9%
18.9%
15.3% 15.7%
16.2%
16.7%
14.2%
13.0%
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22
(Prelim) (Adv.
Est)
Jan 2022 Inflation: +7.5%²
•
•
•
•
Although inflation has weighed on consumer confidence, it has not weakened
consumer spending activity
Fed expected to hike interest rates multiple times in 2022
Dec 2021 Personal saving rate: 7.9%³
•
Savings rates, although below peak levels recorded during the height of the
pandemic, remain elevated compared to historic averages (1991-2019). U.S.
consumers have a tremendous amount of buying power and pent-up demand
heading into 20224
Although the stimulus impacts have already materialized, households have
been accumulating savings during the past two years which will support retail
growth and expansion in 2022. Particularly, travel, dining and entertainment
sectors are expected to recover thanks to strong wage growth and favorable
job market that empowers consumers4
Shift in consumer behavior around food shopping and eating during the
homebound lifestyle of the pandemic resulted in a boon for grocers5
Entering 2022, grocery industry is expected to enjoy 7% growth due to
uncertainties over the covid variants and working from home trend that
resulted in less traveling and more cooking and eating at home5
Home improvement sales strong due to high home ownership and warehouse
club recorded strong sales due to trend of consumers buying more in bulk
Sources:
1.
U.S. Census Bureau.
2.
U.S. Bureau of Labor Statistics, "Consumer Price Index - January 2022", 10 February 2022.
3.
4.
U.S. Bureau of Economic Analysis, "Personal Income and Outlays, December 2021", 28 January 2022.
Cushman & Wakefield, 10 Things to Watch in 2022
5. KPMG, "Consumer Pulse Survey, Grocery Forecast 2022, Grocery gains are here to stay", January 2022
UNITED-HAMPSHIREView entire presentation