While U.S. retail sales hit a staggering $7.1 trillion in 2023, the real story is found in the seismic shifts beneath that headline number, from e-commerce's relentless surge to the surprising sectors winning and losing the battle for consumer spending.
Key Takeaways
- In 2023, total U.S. retail sales amounted to $7.1 trillion, representing a 3.2% increase from the previous year driven by holiday spending
- U.S. retail sales for food services and drinking places grew by 7.1% year-over-year in December 2023 to $85.9 billion
- General merchandise stores in the U.S. reported sales of $852.4 billion in 2023, up 2.8% from 2022
- Global e-commerce sales reached $6.3 trillion in 2023, growing 9.1% year-over-year
- U.S. e-commerce sales as percentage of total retail hit 15.6% in 2023, totaling $1.1 trillion
- Amazon's global e-commerce sales revenue was $575 billion in 2023, up 12%
- U.S. Global B2B e-commerce sales reached $25 trillion in 2023
- U.S. B2B sales total volume was $30 trillion in 2023, with e-commerce at 15%
- Average B2B sales cycle length in U.S. was 84 days in 2023
- U.S. new passenger car sales reached 15.5 million units in 2023
- Global smartphone sales totaled 1.15 billion units in 2023, down 3.2% YoY
- U.S. SUV sales hit 5.8 million units in 2023, 51% of light vehicle market
- Global retail sales expected to grow 3.8% to $31.7 trillion in 2024
- U.S. retail sales forecast at 2.5% growth in 2024 to $7.25 trillion
- Global e-commerce sales projected to hit $8.1 trillion by 2026, CAGR 9.4% from 2023
U.S. retail sales grew in 2023, with e-commerce and nonstore retailers showing strong gains.
B2B Sales
- U.S. Global B2B e-commerce sales reached $25 trillion in 2023
- U.S. B2B sales total volume was $30 trillion in 2023, with e-commerce at 15%
- Average B2B sales cycle length in U.S. was 84 days in 2023
- B2B buyers in 2023 used 10+ information sources before purchase, up from 5 in 2016
- 76% of B2B sales organizations in 2023 reported revenue growth from digital engagement
- Global B2B SaaS sales hit $195 billion in 2023, CAGR 18%
- U.S. B2B inside sales reps closed 30% more deals than field sales in 2023
- 62% of B2B customers in 2023 expected personalized interactions
- Average B2B deal size increased 12% to $150,000 in 2023
- B2B win rates averaged 28% in 2023 for enterprise sales
- 71% of B2B sales time in 2023 spent on non-selling activities
- Global B2B services sales totaled $15 trillion in 2023
- U.S. B2B quota attainment rate was 58% in 2023, down from 63% pre-pandemic
- AI adoption in B2B sales reached 45% of teams in 2023, boosting productivity 20%
- B2B customer churn rate averaged 5.8% annually in 2023 for SaaS
- 90% of B2B decision-makers in 2023 used LinkedIn for research
- Average B2B sales rep tenure was 18 months in 2023
- B2B upsell/cross-sell revenue contributed 31% of total in 2023
- Global manufacturing B2B sales $12 trillion in 2023
- U.S. B2B payment value via digital averaged $2.5 trillion in 2023
- 57% of B2B buyers paid more for faster delivery in 2023
- Global automotive B2B sales volume 85 million units in 2023
- U.S. B2B sales team size averaged 12 reps per manager in 2023
- Global electronics B2B sales $2.8 trillion in 2023
B2B Sales Interpretation
The modern B2B sales landscape is a high-stakes digital marathon where buyers, armed with ten information sources and a LinkedIn tab, demand personalized service while sales reps, racing against an 84-day clock and drowning in non-selling tasks, must leverage AI and inside sales to hit bigger deals and fight churn, all just to have a one-in-four chance of closing and a coin flip's chance of making quota.
E-commerce Sales
- Global e-commerce sales reached $6.3 trillion in 2023, growing 9.1% year-over-year
- U.S. e-commerce sales as percentage of total retail hit 15.6% in 2023, totaling $1.1 trillion
- Amazon's global e-commerce sales revenue was $575 billion in 2023, up 12%
- Mobile commerce accounted for 60% of U.S. e-commerce sales in 2023, reaching $815 billion
- China's e-commerce sales hit $2.9 trillion in 2023, 50% of global total
- U.S. online grocery sales grew 13.4% to $100 billion in 2023
- Fashion e-commerce sales worldwide reached $781 billion in 2023, up 11.6%
- Electronics e-commerce global sales were $995 billion in 2023
- B2C e-commerce sales in Europe totaled $850 billion in 2023, growing 8.2%
- Social commerce sales globally hit $992 billion in 2023, projected from 7.3% CAGR
- U.S. marketplace e-commerce sales (Amazon, Walmart) were $450 billion in 2023
- Cross-border e-commerce sales worldwide reached $785 billion in 2023, up 25%
- India e-commerce sales grew 25% to $111 billion in 2023
- UK online retail sales share was 27.1% of total retail in 2023
- Latin America e-commerce sales hit $270 billion in 2023, led by Brazil
- Voice commerce sales globally projected at $40 billion in 2023
- U.S. subscription e-commerce sales reached $120 billion in 2023, up 15%
- Southeast Asia e-commerce GMV was $99 billion in 2023
- Live-streaming e-commerce sales in China totaled $424 billion in 2023
- U.S. BNPL e-commerce transactions volume was $175 billion in 2023
- Global B2B e-commerce sales reached $18 trillion in 2023, 82% of total B2B
- U.S. B2B e-commerce sales hit $1.7 trillion in 2023, up 8.9%
- Alibaba B2B platform revenue from e-commerce was $62 billion in 2023
- Amazon Business e-commerce sales estimated at $35 billion in 2023
- Global B2B e-commerce CAGR forecasted at 17.5% from 2023-2027
- U.S. B2B online sales penetration reached 18% of total B2B sales in 2023
- China B2B e-commerce market size was $2.1 trillion in 2023
- Enterprise SaaS e-commerce sales globally $195 billion in 2023
- U.S. wholesale e-commerce sales grew 9.4% to $1.2 trillion in 2023
- Global dropshipping e-commerce sales hit $200 billion in 2023
- B2B marketplace e-commerce in Europe $450 billion in 2023
- U.S. B2B mobile e-commerce sales $150 billion in 2023
- Global B2B cross-border e-commerce $1.2 trillion in 2023
- India B2B e-commerce sales $30 billion in 2023, up 20%
- U.S. B2B e-commerce repeat purchase rate averaged 45% in 2023
- Global wholesale e-commerce platforms sales $500 billion in 2023
E-commerce Sales Interpretation
Despite the dizzying parade of trillions, the real story is that the entire global economy, from groceries to heavy machinery, has decisively moved its cash register from the dusty back office to the glowing rectangle in your hand.
Retail Sales
- In 2023, total U.S. retail sales amounted to $7.1 trillion, representing a 3.2% increase from the previous year driven by holiday spending
- U.S. retail sales for food services and drinking places grew by 7.1% year-over-year in December 2023 to $85.9 billion
- General merchandise stores in the U.S. reported sales of $852.4 billion in 2023, up 2.8% from 2022
- U.S. clothing and clothing accessories stores generated $282.1 billion in sales in 2023, a 1.5% decline due to shifting consumer preferences
- Health and personal care stores in the U.S. saw sales rise to $389.2 billion in 2023, fueled by an aging population
- U.S. gasoline stations recorded $593.4 billion in sales in 2023 amid fluctuating fuel prices
- Sporting goods, hobby, musical instrument, and book stores in the U.S. had $28.7 billion in sales in 2023, up 4.2%
- U.S. nonstore retailers sales surged 7.3% to $1.2 trillion in 2023
- Furniture and home furnishings stores in the U.S. generated $134.5 billion in 2023, down 5.1% from peak pandemic levels
- Electronics and appliance stores sales in the U.S. totaled $92.3 billion in 2023, reflecting a 2.4% growth
- Building material and garden equipment dealers in the U.S. reported $1.1 trillion in sales in 2023
- Food and beverage stores in the U.S. achieved $1.02 trillion in sales in 2023, up 3.8%
- Motor vehicle and parts dealers led U.S. retail sales with $1.52 trillion in 2023
- U.S. retail e-commerce sales hit $1.1 trillion in 2023, accounting for 15.2% of total retail sales
- Department stores in the U.S. saw sales drop to $78.4 billion in 2023, a 8.7% decline
- In Q4 2023, U.S. retail sales excluding autos rose 0.4% month-over-month to $688.5 billion
- U.S. warehouse clubs and supercenters generated $872.1 billion in 2023 sales
- Retail sales in the U.S. Midwest region grew 2.9% in 2023 to $1.8 trillion
- U.S. retail sales per capita reached $21,300 in 2023
- Holiday retail sales in the U.S. for November-December 2023 totaled $1.1 trillion, up 3.7%
- U.S. retail sales inflation-adjusted grew 1.8% in 2023
- Small business retail sales in the U.S. increased 4.2% in 2023 per NFIB index
- U.S. luxury retail sales rose 8.5% globally influenced in 2023 to $1.1 trillion
- Grocery retail sales in the U.S. hit $1.02 trillion in 2023, with organic up 5.2%
- U.S. apparel retail sales volume declined 2.1% in 2023 to 15.2 billion units
- Pharmacies and drug stores U.S. sales reached $550 billion in 2023
- U.S. retail foot traffic fell 4.5% in 2023 compared to 2019 levels
- Discount stores U.S. sales grew 6.1% to $450 billion in 2023
- U.S. mall retail sales declined 12% in 2023 to $300 billion
- Convenience stores U.S. sales totaled $785 billion in 2023, up 2.3%
Retail Sales Interpretation
While Americans clearly splurged on festive feasts, fancy booze, and anything online, their wardrobes and mall visits suffered as they channeled their inner homebodies by saving on clothes to spend more on comfort, health, and backyard projects.
Sales Forecasts and Trends
- Global retail sales expected to grow 3.8% to $31.7 trillion in 2024
- U.S. retail sales forecast at 2.5% growth in 2024 to $7.25 trillion
- Global e-commerce sales projected to hit $8.1 trillion by 2026, CAGR 9.4% from 2023
- U.S. e-commerce penetration to reach 22% of retail by 2027
- B2B e-commerce global growth forecast 17% CAGR to $36 trillion by 2026
- Luxury goods sales worldwide to grow 4-6% annually through 2027 to $1.5 trillion
- U.S. grocery sales forecast 3.1% growth in 2024
- Global automotive sales projected 89 million units in 2024, up 2%
- AI-driven sales tools to boost global sales productivity 15% by 2025
- U.S. omnichannel retail sales to grow 12% CAGR to 2028
- China retail sales growth forecast at 5.5% in 2024
- Sustainability-focused sales to represent 30% of global by 2030
- U.S. B2B sales AI adoption to 75% by 2025
- Global subscription sales to $1.5 trillion by 2025, CAGR 68%
- EV sales global share to 35% by 2030
- U.S. retail inflation to average 2.1% in 2024
- Metaverse commerce sales to $800 billion by 2028
- India retail sales CAGR 10% to 2027, reaching $2 trillion
- Voice commerce global sales $80 billion by 2025
- U.S. social commerce sales to $80 billion by 2025
- Global BNPL transaction value $450 billion in 2024
- Luxury resale market to grow 12% CAGR to $102 billion by 2027
- U.S. DTC sales forecast $175 billion by 2025
- Global FMCG sales growth 4.2% in 2024
- Headless commerce adoption to drive 20% e-commerce growth by 2026
- U.S. Gen Z retail spending power $360 billion in 2024
Sales Forecasts and Trends Interpretation
While the global sales landscape is a cacophony of numbers shouting for attention, the clearest signal cutting through the noise is that the future belongs to businesses who can seamlessly blend digital agility with physical presence, as traditional retail trudges forward while e-commerce, AI, and the relentless shopper demand for convenience sprint ahead at a breakneck pace.
Sales by Product Category
- U.S. new passenger car sales reached 15.5 million units in 2023
- Global smartphone sales totaled 1.15 billion units in 2023, down 3.2% YoY
- U.S. SUV sales hit 5.8 million units in 2023, 51% of light vehicle market
- Worldwide PC shipments 241.7 million units in 2023, down 14%
- U.S. pickup truck sales 2.3 million units in 2023, led by Ford F-Series
- Global beer sales volume 1.92 billion hectoliters in 2023
- U.S. electric vehicle sales 1.2 million units in 2023, up 50%
- Worldwide TV set sales 219 million units in 2023
- U.S. tablet sales 40 million units in 2023, down 10%
- Global soft drink sales volume 614 billion liters in 2023
- U.S. light truck sales 11.1 million units in 2023
- Worldwide console gaming hardware sales 18.6 million units in 2023
- U.S. luxury car sales 760,000 units in 2023, up 12%
- Global coffee sales volume 10.5 billion kg in 2023
- U.S. hybrid vehicle sales 1.1 million units in 2023
- Worldwide wearables sales 520 million units in 2023, up 2%
- U.S. beer sales by volume 2.3 billion cases in 2023
- Global wine sales volume 236 million hectoliters in 2023
- U.S. motorcycle sales 450,000 units in 2023
- Worldwide air conditioner sales 140 million units in 2023
- U.S. furniture sales $134 billion in 2023
- Global semiconductor sales $526 billion in 2023
- U.S. pet food sales $58 billion in 2023, up 7%
- Worldwide drone sales 5.3 million units in 2023
- U.S. cosmetics sales $95 billion in 2023
- Global book sales 2.2 billion units in 2023
- U.S. toys sales $28 billion in 2023
Sales by Product Category Interpretation
In an era where America drinks its weight in beer, drives trucks like national mascots, and pets eat better than some people, our global shopping cart shows a species joyfully distracted by screens, caffeine, and the urgent need to both save the planet with an EV and conquer it in a massive SUV.
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