Thanks to solid household demand and the holiday season, the consumer goods industry is proficiently weathering the strong headwinds of sky-high inflation and the Fed’s aggressive interest rate hikes. The U.S. consumer spending increased 0.8% in October, while retail sales grew 1.3% month-over-month. This indicates that consumers haven’t been deterred from spending despite high commodity prices.
In addition, the global consumer products and retail market are expected to grow at a CAGR of 7.5% to $29.11 trillion by 2028. Increased emphasis on customer satisfaction and the rise of e-commerce will likely propel the industry’s growth.
