US Retail Sales (2010 to 2021)
In the US, retail sales have grown steadily over the past decade. In 2010, total US retail sales amounted to $3.82 trillion. Fast forward to 2020, and that number has grown to $5.62 trillion—the highest US retail sales recorded in a calendar year.
This is a 47.3 percent increase over a ten-year period and a 3.16 percent year-over-year growth from the previous year’s retail sales figures.
Despite retail sales growth in 2020, figures show a slight slowdown in the year-over-year increase when compared with 2018 to 2019’s growth of 3.36 percent. US retail sales have, however, been on a steady increase since breaching the $5 trillion mark for the very first time in history in 2017.
The smallest year-over-year increase of the decade came in 2015 when US retail sales grew by a relatively meager 1.90 percent. In contrast, the strongest annual growth came in 2011. At just over $4.1 trillion, it marked a whopping 7.47 percent increase.
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US Retail Sales in 2020
Even though US retail sales have been rising steadily over the past decade, there was a slowdown to this growth in early 2020 as a result of the coronavirus pandemic.
This was most evident in the US retail sales statistics in April, where sales fell to $382.7 billion. This was a 12.66 percent fall from the previous month and a 15.33 percent year-over-year decrease.
According to official data, clothing stores were the hardest hit as their April sales figures plummeted 86.4 percent year-over-year. Furniture store sales also fell drastically by 58.7 percent from April 2019.
On the other hand, health and personal care retail stores marked an 11.1 percent year-over-year increase in sales.
Since April, consumer sentiment has been on the rebound. Retail sales rose back up to $448.8 billion in May, a 17.26 percent increase from April.
Despite slight month-to-month dips in Q4 2020, the quarter still registered 6.92 percent more sales than the previous year—the biggest increase of the decade. This is in line with the record holiday retail sales in the US.
Retail sales growth has had an impressive start in 2021. With $513.6 billion in sales in January, this is 5.12 percent more than the previous month and a whopping 10.83 percent year-over-year increase.