During the worst of the COVID-19 pandemic, the retail sector saw a significant shift in consumer preference towards online shopping. The U.S. Department of Commerce Retail Indicator Division stated that e-Commerce sales in the country were $870 billion in 2021, representing a 14.2% increase over 2020.
Furthermore, U.S January retail sales increased by the greatest level in 10 months. Retail sales rose 3.8% in the month, the highest increase since March of the prior year. In fact, sales have increased by the highest level since the government started tracking the series in 1992. Retail sales are expected to continue to trend upwards as consumers take advantage of the decline in COVID-19 cases and an easing of supply chain issues, as well as inventory restocking.
