U.S. retail sales fell by 3% last month, following a 7.6% increase in January that was attributed to the release of stimulus checks. A recent PYMTS report showed Amazon and Walmart are the two dominant players in the U.S. market. Amazon had a 9.2% share of U.S. retail sales later year compared to 9.5% for Walmart.
- Sales in areas including auto, furniture, electronics, home improvement, healthcare, and clothing fell, while spending on food and beverage remained consistent compared to January.
- Retails sales for the last three months are up by 6% compared to the same period last year.
- Snowstorms and harsh, cold weather in various parts of the U.S. last month are also likely to have contributed to lower spending.
- WSJ noted that economists expect a rebound with the new round of stimulus checks.
- Last week, Goldman Sachs said it expects the U.S. economy to grow by 7% this year, marking the largest growth since 1984, following a 3.5% contraction in 2020.
A version of this story first appeared in Inside Business. You can read the full issue here.