US retail sales face the steepest fall
Retail sales in the US reached the record low level. Source: unsplash.com
According to LearnBonds, US retail sales faced an 8.7% month-on-month drop, followed by an 11% fall in April.
The report found that March saw the biggest drop in retail sales since records began, despite a lot of stores were open.
Besides, the US President Donald Trump and a number of US states lifted health restrictions in May, allowing businesses to open. The data considers that the high unemployment rate and the collapse in shop sales have been caused by that decision as well.
As to the numbers, sales at clothing stores halved in March, whereas sporting goods, hobbies and book stores dropped by 23%. As to the motor vehicles, they fell just over a quarter. At the same time, food and beverage purchases rose 26%, as people stockpiled food.
We’ve reported that over a quarter of UK shoppers are going to spend more online after the COVID-19 restrictions are lifted. That’s why retailers with a limited or no online proposition must consider the investment to remain competitive.
SEE ALSO:
- 2020: A new world crisis, or just a coincidence?
- How governments worldwide support people amid COVID-19
- How to shop during the quarantine
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
