U.S. Discretionary Retail Sales Revenue Fell 7% in March
Summary
In March 2023, discretionary U.S. general merchandise retail sales revenue fell 7%, compared to March 2022, and unit sales fell 8%, which is double the average monthly declines in January and February. These steeper sales declines remained consistent during the last three weeks of March, spanning both units and dollars for the first time this year, according to Circana, formerly IRI and The NPD Group. Investment in new product development was understandably put on hold due to uncertainties caused by the pandemic when most companies adjusted priorities to fulfill demand, addressed supply chain issues, and then focused on selling excess inventory. Changes in spending go deeper than the discretionary Across discretionary general merchandise and consumer packaged goods (CPG), the trends in consumer spending and new product deficits in the marketplace have directional similarities that are intensified by elevated prices. Through unparalleled technology, advanced analytics, cross-industry data and deep expertise, we provide clarity that helps almost 7,000 of the world’s leading brands and retailers take action and unlock business growth.