40% of 2021's Retail Revenue Growth Came in March, April: NPD
U.S. consumer spending on general merchandise ended 2021 up 15% from 2020, with a 6% increase in unit sales, reported NPD Monday. Though the holiday period contributed 9% revenue growth and 1% unit growth over the prior year, the early…
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part of 2021 “delivered more significant year-over-year gains,” it said. “Consumers’ grab-it-when-you-see-it mentality, especially related to pandemic-driven needs has not gone away,” but has been “bolstered by the impact of the [COVID-19] omicron variant,” said Marshal Cohen, NPD chief retail industry adviser. Spending on the “here and now” that lifted retail sales throughout 2021, “offsetting challenges related to inventories, and higher average selling prices during the holiday shopping season,” he said. “Beyond comparisons to the most challenged retail months in 2020, gains in the early part of 2021 were further boosted by the government stimulus payments and students returning to the classroom,” said NPD. Each of the first two quarters of the year grew by double digits, “and combined they represented almost two-thirds of the growth for the year,” it said. Nearly 40% of 2021's revenue growth was in March and April, while Q4 accounted for just 20% of the year’s gains, compared with a 30% contribution in 2020, it said.