Did you know the retail industry has changed quite a bit in the last few years? Are you wanting details about the latest retail trends, facts, and statistics?
Well, I’ve been researching retail statistics and have found a lot of incredibly cool information I wanted to share with you, so keep reading to find out what I’ve discovered!
Retail Statistics for 2023
1. Retail Sales Topped $6.6 Trillion in 2021
The National Retail Foundation expected retail sales would top $4.4 trillion in 2021, but the real number ended up being $6.6 trillion by the end of 2021, which is amazing.
Furthermore, a lot of the money being put into the economy through retail spending came from stimulus checks and other financial aid that was offered at state and federal levels.
2. Small Retailers Have Averaged a 51.33% Growth Since 2016
Small retailers have seen quite the increase in growth from 2016 through 2021, with an increase of 51.33% on average, and this trend is likely to continue as small businesses grow in popularity.
3. 60% of Retailers Expect Revenues to Increase Over the Next Year
Retailers are expecting a bounceback in the economy and people shopping more often both in-store and online, and 60% think revenue will increase within the next year.
4. The Average Salary for a Retail Worker Was $21.76 an Hour in May 2021
In an interesting retail statistic, the average salary for a retail worker in May 2021 was $21.76 an hour, which isn’t bad considering that the retail industry has been hit hard over the last few years.
However, it is because businesses are struggling to hire workers that the salary of retail workers has increased as people are not too interested in working retail these days.
5. The Average Retail Worker Worked 30.7 Hours Per Week
While businesses struggle to find workers, we found it odd that the average retail worker was only working 30.7 hours per week in February 2020, so most were not even full-time.
Additionally, the 30.7 hours worked per week is actually an increase of 0.5 hours from the years 2013 through 2018, and 29% of retail workers said that they had worked overtime, too.
6. Black Friday Surpassed Cyber Monday in Retail Stores for 2019
Black Friday surpassed Cyber Monday in 2019 for the first time with more than 93 million Americans shopping online during Black Friday compared to 83 million on Cyber Monday.
However, we aren’t sure if this trend will continue since more people are shopping online, so we will have to see whether Black Friday can remain at the top spot in the coming years.
7. Accessories & Apparel Saw the Highest Profits in 2018
In 2018, accessories and apparel were the most profitable categories with a profit of $11.823 million and that was about 9.7% of the revenue for over 250 retailers.
Furthermore, since women shop more than men, we are not surprised by this retail statistic and think it represents the types of products that women most often purchase.
8. 15.15 Million Retail Workers Existed in December 2020
2020 was a tough year for retail, but it quickly rebounded because, by December 2020, more than 15.15 million retail workers existed in America.
9. Walmart Is the Top Retail Company in America
In what shouldn’t be a surprising statistic, Walmart is the top retail company in America and has remained the top retailer for several years with more than 4,000 stores across the country.
Additionally, in 2020, Walmart’s revenue surpassed $523 billion, and that is about double Amazon’s revenue which was $250 billion.
10. Retail Sales Increased by 6.7% in 2020
In 2020, retail sales in America increased by 6.7%, which is quite good considering that sales had only averaged an increase of 4.4% through the past five years.
11. Retail Stores in America Stopped Over 1 Million in 2020
By the third quarter of 2020, the number of retail stores in America continued to climb with over 1 million throughout the country, which was the highest number in 10 years.
12. 62% of Shoppers Want to Buy In-Store to Try & Feel Products
While online shopping has grown significantly over the past several years, one retail statistic we found interesting is that 62% of shoppers still prefer to buy in-store to try and feel products.
Furthermore, we don’t expect this number to change very much seeing as there are certain items, such as clothes, that make more sense to purchase in-store to try them on first.
13. Shoppers Are Spending 11% More Money & Time in Stores
A good trend in retail is that in 2021, shoppers are spending about 11% more money and time in stores than in 2020.
Also, we expect this number to continue to climb as shoppers in America become more comfortable and excited to once again shop in stores.
14. 6% of Shoppers Haven’t Returned to a Physical Store
When you look at retail statistics, one fact that is good for stores is that only 6% of people worldwide haven’t returned to a physical store yet after 2020.
Further, it appears most people feel comfortable in stores again and are getting back into their normal shopping routines and habits.
15. 89% of Shoppers Will Support Brands That Have a Global Impact
An interesting trend in retail is that 89% of shoppers will support a retailer if that retailer impacts the world in a positive manner, such as by charity, donations, diverse hiring, or other factors.
16. 69% of Americans Have Shopped Online
Online shopping is dominating the markets even after 2020, and more than 69% of Americans have shopped online, which shows the significance of a great digital marketing team for stores.
Also, if retail stores want to be competitive, they will need to entice shoppers by creating a user-friendly website and offering deals including free shipping.
17. 25% of Americans Shop at Least Once a Month Online
In a not-so-shocking retail statistic, about 25% of Americans shop online at least once a month, whether it’s grocery shopping or shopping for apparel or electronics.
18. 79% of Mobile Users Have Made a Purchase Within the Past 6 Months
In a trend in which we are likely to see an increase in the coming years, 79% of those that own a smartphone have made an online purchase within the past 6 months.
Furthermore, this just shows that retailers need to have apps and create a digital space that can entice shoppers to use their mobile phones and feel comfortable doing so.
19. 40% of In-Store Shoppers Rate Checkout Convenience As the Most Important Factor
Checking out in-store can be a hassle and it could lead to shoppers not wanting to come back into your store since 40% of people think convenience during checkout is a priority.
Therefore, retailers need to streamline the checkout experience for customers and make it easy for them to checkout, including integrating multiple payment methods for customers.
20. One-Third of Shoppers Don’t Trust Online-Only Retailers
One really fascinating retail statistic is that one-third of shoppers don’t trust a retailer if they are online-only, which shows the importance of both a physical store and an online presence.
Additionally, trust is a driving factor in whether or not you will get customers to your online store, so building that trust as an online-only retailer might be harder than some online stores think.
21. 46% Don’t Want to Shop In-Store Because of Masks
While mask mandates have become commonplace over the past couple of years, it’s actually a deterrent for shoppers and 46% say they won’t shop in-store because of mask orders.
Also, this isn’t just an issue in America, as shoppers across the world don’t want to go into a store if a mask is required.
22. 74% Want to Help & Support Small Businesses
One change and trend we have seen in retail over the past couple of years is that Americans feel the need to support their community more and 74% want to support small businesses more often.
Furthermore, this could be due to the number of stores that had to close permanently as a result of COVID and lack of business, which has created huge losses for communities across America.
23. 32% of Shoppers Rate Quality As Being More Important Than Price
A retail statistic we didn’t think we’d see is that 32% of shoppers have rated the quality of a product as being more important than the price.
Therefore, shoppers are willing to spend more money to get a better quality product that is built to last over a significantly cheaper product that likely will break before too long.
How Do Retailers Use Statistics?
Retailers use statistics for all kinds of reasons, such as to predict demand for items in the future, including both new items and regular items.
Additionally, retailers can look at which products are in high demand when ordering from suppliers and vendors, and know which items they should discount or mark up.
What Are the Major Trends in Retail Today?
One of the biggest trends in retail today is social commerce, including using social media like Instagram to sell products, which both big and small businesses are getting into these days.
In addition, some retailers are choosing to start an online store while also running a physical store to meet the evolving demand for online shopping and delivery options.
Is Retail a Dying Industry?
Retail is not a dying industry, and sales globally for retail are expected to reach $30 trillion by 2025, and retail sales increased in 2021 by over 10% passing $5 trillion.
Therefore, the retail industry is not dying, but it is growing and evolving in new and interesting ways with the growth of online shopping, curbside pickup, Instacart, and other delivery services.
How Is the Retail Industry Changing?
Retail is changing because more people want to shop online, so retailers are having to move their stores online while also maintaining a physical store for shoppers.
For example, over 43% of people shopping will make retail purchases through online websites and resources, so 88% of retailers are now offering an online shopping option for customers.
Some interesting retail statistics include the fact that in 2021, total retail sales reached over $6.6 trillion, and in 2020, retail sales had increased by 6.7%.
Additionally, small businesses grew an average of 51.33% as more than 74% of Americans feel the need to support their communities more by shopping at small businesses.