January 1, 2021 – NPD Group – U.S. consumers demonstrated remarkable resilience in 2020. Between June and late-December, year-over-year discretionary retail sales increased in 24 out of 30 weeks, our retail early indicator data shows. Much of this was driven by consumers’ appetite for buying products that helped them make the most of their time at home. Retailers helped meet this demand by instituting new safety protocols in stores and improving shopping experiences online. This is not to suggest even performance across industries and categories, as some were hit harder than others by COVID-19’s impact in 2020. Companies in the spaces that suffered more will look to the coming year as an opportunity to reverse course.
As we start 2021, the market landscape remains uncertain. The vaccines bring hope of a much-needed return to normalcy, though its rollout across the U.S. will take months. In this time of rapid change, we analyzed the purchase patterns that shaped 2020 to inform our view of the important considerations for businesses across retail, food, entertainment, and tech as the new year begins. With so many unknowns, this list is not meant to be comprehensive, nor is it meant to remain static throughout the entire year. It serves as a reference point to help companies across a wide range of industries plan for the near future and navigate the rapidly evolving marketplace.
Read more at NPD Group.