Customer Growth Partners (CGP) predicts retail sales will hit a record $4.79 trillion this year. The organization’s annual forecast for 2022 slows down a bit from 2021’s 14.1% pace – the highest on record according to CGP – to 7.2% this year, equaling a record 4, $79 trillion, up from $4.47 trillion last year. Despite growing just 7%, the bump represents the second-fastest growth this century, behind only the pace of 2021.
“By any measure, 2022 growth will be exceptional, especially on top of last year’s hypersonic pace, with significant growth across all commodity categories,” CGP Chairman Craig Johnson said in a statement. a press release, according to chain store age.
According to CGP, growth is “boosted by current inflation of nearly 8%, which accounted for about one-third of 2021’s 14.1% growth and drove more than half of 2021’s growth. .2% of 2022”. Johnson added, “Meanwhile, organic growth of around 3.5% in 2022 is normalizing to near historical levels.”
The report indicates that apparel and accessories will outpace all other merchandise sectors, with an expected annual growth of 13%. CGP also says inflation continues to reshape the retail landscape.
“For consumers, 8% inflation has been an unvarnished disaster, eroding real incomes as wages and salaries have barely increased by 5% – the ‘tax’ on inflation falling most heavily on households. low-income and fixed-income,” Johnson continued. Inflation will likely persist until 2022, Johnson says, if not until 2023.
Looking at other categories, CGP says sporting goods, toys and hobbies will grow 11%, while department stores will show the same growth (11%), down from the huge increase in 22% last year. Online and direct-to-consumer sales will also slow from their 13% pace in 2021 to 9% in 2022, while reaching $1.13 trillion in total sales in 2022. General merchandise and discounters (excluding department stores) will grow 8% year-over-year, as will electronics and appliances. Furniture stores and food and beverage stores are among the slowest categories for 2022.