Retail News & Headlines
July 28, 2021
Top stories in retail news and the business headlines that interest us today.
Back-to-School Demand
“Stimulus checks and advance child tax credits from U.S. President Joe Biden’s administration are expected to boost sales of back-to-school merchandise, especially shoes and clothing, following last year’s outlays on laptops, headphones and other equipment for remote learning. The National Retail Federation expects total back-to-school spending to rise 6.4% to $108.1 billion this year. Average spending for all age groups is forecast to be $2,049, up 10.8%.”
Meet the Typical Costco Shopper
Business Insider — Meet the typical Costco shopper, a 39-year-old Asian-American woman earning more than $125,000 per year
“Costco’s typical shopper in the US is an Asian-American woman between 35 and 44 years old, who is married and living in a city in the Pacific Northwest. (Costco was founded in Seattle and is based in Washington state).
She typically has a 4-year degree or higher education and earns more than $125,000 per year.
The typical customer visits Costco on a weekend day every two to three weeks — about 23 trips per year — and picks up 9 products for a total cost of about $114 per trip. The company only stocks 4,000 products (SKUs), compared with 30,000 at many other retailers.”
Unused Gift Cards
CNBC — More than half of adults have unused gift cards. Here’s how to make sure you don’t lose that money
“If you’re like many Americans, you could be sitting on a small financial windfall.
A new Bankrate.com survey finds that more than half of adults — 51% — currently have unused gift cards, vouchers and store credits. In total, that adds up to approximately $15 billion in unused money.”
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