Urge to Splurge Powers Massive Gains for Three Large Retailers
American consumers are eager to start spending as life inches closer to normalcy again, and this is shown in wowing results posted by three different retailers—Walmart, the Home Depot and Macy’s.
Total revenue for Walmart climbed 2.7% to $138.3 billion, with comparable sales in the U.S. advancing 6%. The Home Depot benefited from an unprecedented demand for home improvement projects, with revenue up 32.7% to $37.5 billion for the first quarter of its fiscal year. Macy’s also outdid expectations, with sales rising to $4.7 billion, up from $3.02 billion last year.
Macy’s CEO Jeff Gennette claims the boost in sales was attributed to an increase in shopping for special occasion and luxury items, showing that consumers are beginning to travel and return to their pre-pandemic lifestyles. (Marketing Daily, 05.19.21)
While the pandemic has had devastating impacts on consumer sentiment and the economy, Americans are more than ready to resume their pre-pandemic pastimes and spending habits. Are you ready for this shift in visitation and demand? Let H2R help. Schedule a free consultation today.
Want market insights in your inbox?
Sign up below to receive H2R's free monthly e-mails summarizing the latest trends.
We respect your privacy.