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Retail Sales Saw July Decline

Overall retail sales fell 1.1 percent in July.

Published

3 years ago

August 17, 2021

VMSD Staff

Retail Sales Saw July Decline — Photography: Shutterstock.com

Photography: Shutterstock.com

Retail sales reportedly declined 1.1 percent in July, which was worse than the anticipated decline of 0.3 percent, reports CNBC.

Book stores, Musical instrument and sporting goods stores had a sales decrease of 1.9 percent, and clothing took a 2.6 percent dip. Car and motor vehicle parts dealers’ sales fell 3.9 percent. Online sales also had a decline of 3.1 percent.

Despite this, food and beverage sales were up 1.7 percent and gas sales saw a 2.4 percent increase. Restaurants and bars also had a 38.4 percent increase in sales from this time a year ago.

“Although retail sales fell in July, the outlook for consumer spending remains positive … However, spending growth will shift from goods to services over the next couple of years, limiting growth in most categories of retail sales,” says Gus Faucher, Chief U.S. Economist at PNC, CNBC reports.

VMSD Staff

Drawing on more than 125 years of history serving the retail design market, VMSD magazine provides retail professionals with the most up-to-date, innovative retail design ideas and industry news through its industry-leading magazine, website, social media channels and bulletins.

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