From our friends at The NPD Group:
NPD is watching our sales tracking data on a weekly basis to understand the impact of COVID-19 on the U.S. marketplace. In the second week of March (week ending March 14), dollar growth was flat across the industries tracked*. While consumers continued to shop, the composition of their purchases changed as they focused on necessities for their new reality.
“Changes are just beginning, but NPD’s weekly U.S. consumption trends already reveal a change in selling strategies with average selling price down nearly 6% compared to last year, led by apparel declines but offset by increases in office supplies driven by cleaning and disinfectant supplies,” said Marshal Cohen, chief industry advisor, The NPD Group. “The second week of March saw U.S. consumers move further into the “stay at home” lifestyle and dramatic shifts in consumption emerged as a result.”
We expect to see continued sales changes in the coming weeks due to retail store closures, entertainment and sports closures, changes in restaurant transactions, and city and state lockdowns.
Click here to see How COVID-19 is Impacting Consumer Spending, and check back for weekly updates every Wednesday.
Also, see the recent blog from Marshal Cohen, NPD’s chief retail industry advisor, and stay tuned for more insights from Marshal in the coming days. If you are interested in setting up to speak with Marshal for additional insights, please contact me at [email protected].
*Industries Included: Apparel, Athletic Footwear, Consumer Technology, Office Supplies, Prestige Beauty, Small Domestic Appliances, Toys, Video
Data Source: The NPD Group/ Weekly Retail Tracking Service