After seeing moderate results from consumer spending during the first quarter of this year, consumer spending appears to be returning to its normal activity and even matching economic expectations! Both retail and food service sales have been on a constant rise since late last year which is amazing news for many. Take a look at the latest results that have met economic expectations!
The Department of Commerce recently announced the results of the US retail sales which increased by a solid 0.3% in the month of April which is a hopeful sign for the upcoming summer months. The increased spendings were spread across most retail categories with the majority going towards furniture and clothing stores. The retail sales data showed an increase of 1.4% for clothing-store sales, 0.4% increase in home and garden stores, and 0.6% increase in online and catalog sales. Consumer spending has rebounded from the past two months of January and February which can be due to the abundance of holiday consumer spending.
Furthermore, many retailers have been implementing new strategies such as completely rebranding their stores or changing their logos like Best Buy recently did. For the first time in three decades, Best Buy decided to change their logo to make it “more modern and easier to read, especially in today’s digital world.” Best Buy wanted to redesign their brand to focus on highlighting their store culture, expertise, and talented employees. Refocusing a company’s brand can help revitalize the store and remind their customers why they should return.