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September retail sales soar to 12% year-over-year as the holiday season quickly approaches

Monday, Oct 19, 2020

US retail sales for September have advanced for the fifth straight month, bringing in a year-over-year increase of 12%! Monthly sales numbers for September came in at a total of $177.5 billion, with a 1.9% increase month-over-month.

“September was the month when retail sales seemingly defied gravity,” said Neil Saunders, GlobalData Retail Managing Director, in emailed comments.

These figures aren’t entirely surprising either. Since May, retail sales in the US have continued to surpass forecasts, showing steady, but generous growth each month.

September’s soaring numbers could be caused by several things, including back-to-school shopping, leftover stimulus money, and increasing safety measures in retail.

“Today’s figures have beat expectations and highlighted the retail industry’s dedication to rapid innovation to keep doors open. Seasonal shopping further supported September’s retail success with back to school sales. Regardless of whether students are attending classes online, or in person, supplies are still needed,” said Marwan Forzley, Chief Executive Officer of business payments platform, Veem.

So, what does this mean as we enter the holiday shopping season?

This year the industry is embarking on the season much earlier due to the on-going uncertainties of the current pandemic. This will cause a jump-start to many promotions and marketing initiatives for retailers.

So far, retail is in a good place to start the holidays, with industry professionals thinking this momentum will stay in place throughout the next few months.

“September provides a ray of sunshine as we enter the golden quarter and retailers will be hoping the good weather will continue,” said Saunders.

Source: US September Retail Sales – Retail Dive, September Sales Rebound for Holidays – Retail Dive
Photo Credit: September Sales Rebound for Holidays – Retail Dive

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