The retail industry is a major contributor to the global economy, and its performance is closely monitored by economists and investors alike. In this blog post, we’ll take a look at some of the latest retail industry statistics, including sales figures, consumer spending trends, and the impact of e-commerce. We’ll also explore the implications of these figures for the industry as a whole, and what they mean for businesses looking to stay competitive in the ever-evolving retail landscape.
Retail Industry Statistics Overview
The total volume of retail sales in Great Britain fell by 1.9% in 2020 compared with 2019, the largest fall since records began, and has been particularly severe for non-essential retail.This statistic is important as it shows the impact of the pandemic on the retail industry, and how consumer behaviour has shifted to online retailing. It also highlights the need for retailers to be agile and adapt to changing consumer demands in order to remain competitive.
Retail trade in the EU saw a sharp decline in March and April, with some countries seeing falls of up to 33%. The US saw a smaller decline, with April’s retail trade being 16% lower than pre-pandemic levels. By June, the EU had recovered to pre-pandemic levels, while the US was 5% above February’s level.This matters in the context of Retail Industry Statistics as it shows the impact of the pandemic on the retail industry, and how different countries have been affected differently. It also shows the recovery of the industry, and how some countries have been able to recover faster than others.
EU countries saw an increase in online sales in April and May 2020, with Germany seeing a 15.2% increase, Spain 35%, Italy 4.3%, and France 2.5%.This matters in the context of Retail Industry Statistics because it shows that even during the pandemic, people are still shopping online and that the Retail Industry is still growing. This could be an indication of a shift in consumer behavior, with more people turning to online shopping as a way to purchase goods and services.
Online sales in Great Britain reached a record high of 34% in May 2020, and have since fallen a little, but spiked again following the introduction of the second lockdown in England in November. This demonstrates how the closure of non-essential retail has led to a behavioural change in how we consume goods and services, and is likely to have a lasting impact on the retail industry.
The number of stores specializing in selling secondhand goods in the UK has fluctuated over the past 14 years, with the highest number of stores recorded in 2008 and a slight increase in 2020 to 3,820. This statistic matters because it provides insight into the retail industry in the UK, showing the changes in the number of secondhand stores over time. This can help inform decisions related to the retail industry, such as where to open new stores or what types of products to focus on.
Spending in charity shops decreased in 2020 compared to 2019, but is still higher than in 2016 and 2017. This matters because it shows that spending in charity shops is still increasing, despite the economic downturn caused by the COVID-19 pandemic. This is important for the retail industry, as it indicates that consumers are still willing to spend money on charity shops, even in difficult economic times.
Walmart was the leading food and grocery retailer in the US in 2021, with a market share of almost 60%, followed by Kroger Co., Costco Wholesale Club, and Ahold Delhaize.This statistic is important as it highlights the dominance of Walmart in the US food and grocery retail industry. It also demonstrates the importance of warehouse clubs and superstores in the US retail industry, and provides insight into the market share of the top US retailers.
Grocery retailing in the UK is expected to increase to over 241 billion British pounds by 2027, with supermarkets having the largest share of the market value at 91 billion pounds. This statistic is important as it shows the potential growth of the grocery retail industry in the UK and the dominance of supermarkets within the market. This can help retailers to understand the competitive landscape and plan their strategies accordingly.
Walmart was the world’s leading retailer in 2020, generating 559 billion US dollars in retail revenues, significantly more than the Shwartz Group (Germany), JD (China), and Ahold Delhaize (Netherlands). This statistic matters in the context of Retail Industry Statistics because it shows the power of globalization and trade agreements in allowing retailers to do business on a global scale. It also highlights the dominance of the US in the retail industry, with Walmart generating the highest retail revenues in 2020.
Seven & I Holdings, the parent company of 7-Eleven, had the most retail stores of any leading retail company in 2021, with over 40,000 stores worldwide.This statistic is important because it demonstrates the success of 7-Eleven in the retail industry, and the strength of their global presence. This statistic also shows the potential of convenience stores in the retail industry, and how they can compete with larger retail companies such as Walmart and the Schwarz Group.
Conclusion
In conclusion, the retail industry is an ever-evolving sector that is constantly adapting to the changing needs of consumers. The retail industry is an important contributor to the economy and is a major employer. Retail industry statistics provide valuable insights into the current state of the industry and can help retailers make informed decisions about their business. With the right strategies, retailers can capitalize on the opportunities presented by the retail industry and ensure their success in the future.
Retail Industry Statistics: FAQs concisely answered
{y}:
- What is the size of the retail industry?
- What are the most common types of retail businesses?
- What are the key challenges in the retail industry?
- How has technology impacted the retail industry?
- What trends are driving the retail industry?
{z}:
- The retail industry is estimated to be worth around $25 trillion globally.
- The most common types of retail businesses include department stores, supermarkets, convenience stores, specialty stores, and online stores.
- Key challenges in the retail industry include competition from online retailers, changing consumer preferences, and the need to stay up to date with the latest technologies.
- Technology has had a major impact on the retail industry, from the introduction of e-commerce to the use of data analytics to better understand customer behavior.
- Trends driving the retail industry include the rise of e-commerce, the use of artificial intelligence and machine learning, and the focus on customer experience.
References
1 – https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/impactofthecoronaviruscovid19pandemiconretailsalesin2020/2021-01-28
2 – https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/impactofthecoronaviruscovid19pandemiconretailsalesin2020/2021-01-28
3 – https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/impactofthecoronaviruscovid19pandemiconretailsalesin2020/2021-01-28
4 – https://www.ons.gov.uk/economy/grossdomesticproductgdp/articles/impactofthecoronaviruscovid19pandemiconretailsalesin2020/2021-01-28
5 – https://www.statista.com/statistics/295914/number-of-second-hand-goods-stores-in-the-united-kingdom-uk/
6 – https://www.statista.com/statistics/319953/charity-shops-sales-revenue-in-the-united-kingdom-uk/
7 – https://www.statista.com/statistics/1333808/length-paid-paternity-leave-by-country-latam/
8 – https://www.statista.com/statistics/295656/grocery-retail-market-value-by-channel-in-the-united-kingdom-uk/
9 – https://www.statista.com/statistics/266595/leading-retailers-worldwide-based-on-revenue/
10 – https://www.statista.com/statistics/263516/number-of-outlets-for-selected-retailers-worldwide/