Are You Ready?
It’s almost a silly question: We are all ready for the post-pandemic world, but just as the worlds of retail and media advertising started contracted one year ago, they are poised to expand at very significant rates throughout 2021.
After the smaller stimulus package of December 2020 helped to boost January 2021 retail sales 7.4%, compared to January 2020, the new, much bigger stimulus package is likely to boost Q2 2021 retail sales by a proportionally larger percentage. During late February, the National Retail Federation released its forecast for 2021 retail sales of a 6.5% to 8.2% increase.
The new $1.9 trillion stimulus package also targets specific business sectors, from restaurants to leisure & hospitality. Many businesses in these sectors will benefit from that direct support as well as all the money consumers will be able to spend. Americans are particularly ready to travel in great numbers, especially domestically.
Although many Americans are still struggling financially and need jobs, many others are in good financial shape, having saved approximately $1.5 trillion during the past year and paid down $82.9 billion in credit card debt, a record.
Supply-chain issues and limited inventories in some industries are still challenges, but the current manufacturing output is the largest since 2018. US farmers are experiencing a major increase in exports to China, which is projected to be $31.5 billion for 2021, another record.
Another positive trend is the largest number of new business applications were filed during 2020, or 4.5 million, a 24% increase from 2019. These new businesses must market/advertise themselves aggressively to establish their brands quickly and create a cadre of loyal customers.
There are dozens of other retail sectors likely to experience rapidly increasing 2021 sales, especially during the second half. You can find the details in Media Group Online’s many Industry Profilers. Plus, our Co-op Connect database is likely to be full of new co-op programs with free money for your prospects and clients.
You better be ready – your reward for your professional patience and perseverance is on the way!