Insight into the consumption trends in the US market, six major categories will be launched in the second half of the year!

Insight into the consumption trends in the US market, six major categories will be launched in the second half of the year!

Rising inflation , falling savings levels and a drop in consumer demand caused by a series of financial crises are causing US retail spending to fall.

 

This article summarizes the latest industry analysis from market information company NPD , focusing on the performance of the six major categories in the US retail market in the first half of the year and predicting trends in the second half of the year.

 

Development of various categories in the first and second quarters

 

Bag accessories

 

Compared with last year, fashion accessories sales in the US market continued to grow in the second quarter of 2022 as promotional activities increased . However, the growth momentum of sales slowed down, mainly due to the decline in average price growth.

 

In terms of sales , luggage was the only category to achieve growth in the second quarter , as the epidemic was lifted and travel demand was released , leading to increased purchases . It is expected that summer promotions may keep luggage sales growing strongly in the third quarter .

 

Footwear

 

Footwear sales revenue declined slightly in the second quarter of this year compared with the first quarter , due to slower average price growth caused by increased promotional activities.

 

Total performance footwear revenue and unit sales declined , both of which were flat in the first quarter.

 

In the third quarter of this year, although the average price of footwear products will increase compared with last year , promotional activities will be a hindrance to growth . Generally speaking, summer retailer activities will kick off the fall sales of some fashion categories, while the fall back to school activities will shift the focus to sports shoes.

 

Office Supplies

 

The retail office supplies industry grew in the first half of 2022 , thanks to consumers returning to the workplace .

 

Office supplies sales increased 10% in the first quarter of 2022 and 13% in the second quarter compared to 2021. Conversely, stationery and craft supplies sales revenue declined due to the significant withdrawal of "home offices" .

 

Teachers also purchased the same or more supplies , and if the current momentum of returning to offices and schools continues , demand for related products will increase, leading to higher prices, and sales in this category are expected to grow 6% year-over-year in the third quarter.

 

Fashion

 

After a strong performance in 2021, demand for apparel is cooling. Last year, Americans' frequent purchases led to a decline in sales of sportswear and other casual clothing this year . As the epidemic is unlocked , suits, dresses and other dressy clothing are driving growth in this area . But rising prices across the board have also led to low consumer spending sentiment .

 

Looking ahead to the third quarter, apparel sales are expected to perform well as parents buy back-to-school wardrobes for their children .

 

Toys Category

 

Toy sales declined in the first quarter of this year but grew in the second quarter , which may be related to two market stimulus policies released by the United States last year .

 

In addition, as an important node in toy sales , Easter toy sales were pushed from the first quarter to the second quarter, so the sales growth was also shifted .

 

However, it is important to note that average selling prices ( ASPs ) continue to soar despite slowing consumer demand, and the toy industry is expected to experience a more impactful, but temporary , pullback during the back-to-school season .

 

Small appliances and furniture

 

The pandemic stimulated the sales of home furnishing products, but as the lockdown was lifted, consumers began to spend more time outdoors , and the demand for home furnishing products declined . Coupled with the spread of the financial crisis , sales in this area declined in the first two quarters of this year compared with last year.

 

However , sales in this category are expected to grow due to the wedding boom , college back-to-school season , and promotional activities in the third quarter . In addition, as group entertainment increases after the epidemic, products related to convenience and food portability are expected to usher in a wave of hot sales .

 

This year will see a shift in U.S. home furnishings and small appliance spending trends . Small appliances and home furnishings should increase in the third and fourth quarters compared to the beginning of the year, in part because kitchen appliance sales are beginning to normalize.

 

In addition to paying attention to the categories they operate in, the latest consumption and economic data , sellers must not ignore long-term macro trends, because quarterly data often reveals the true trajectory of industry development and future trends better than weekly and monthly data .

USA

Consumption Trends

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