{"id":11094,"date":"2023-05-19T17:41:09","date_gmt":"2023-05-19T21:41:09","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/heres-what-we-bought-in-april\/"},"modified":"2023-05-19T17:41:10","modified_gmt":"2023-05-19T21:41:10","slug":"heres-what-we-bought-in-april","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11094","title":{"rendered":"Here\u2019s What We Bought In April"},"content":{"rendered":"
\n

By now, many of us are more than familiar with the nervous consumer culture we are currently experiencing. Despite whispers that inflation is easing some, it remains a growing concern for many. On May 16, the U.S. Census Bureau released retail spending results for April. Remember, major holidays that often involve spending and gathering, including Passover, Easter, and Eid, took place during the month.<\/p>\n

Despite the holidays, the April numbers are telling. What they\u2019re telling me is that consumers continue to offset higher costs by prioritizing their spending and allocating their money more mindfully. We have a long way to go before a majority of us are ready to spend like our money is \u201cgoing out of style.\u201d<\/p>\n

Up first, let\u2019s look at total sales for the month, which came in at $686.1 billion, up slightly from $683.2 billion in March and down from $687.9 billion in February. When compared to April 2022, however, sales have gone up from $675.2 billion.<\/p>\n

Chip West, retail and consumer expert at Vericast, noted that sales managed to \u201cbounce back in April.\u201d West also added that the 0.4% bounce compared to March was also \u201cslightly lower than many projections.\u201d<\/p>\n

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In his update, GlobalData Managing Director Neil Saunders proclaimed that retail growth \u201cheld on by the skin of its teeth\u201d in April.<\/p>\n

\u201cWhile any growth is welcome, this was the shallowest increase in 31 months and marks a very significant deterioration compared to recent performance,\u201d wrote Saunders.<\/p>\n

Gas stations were one of the biggest decliners in April, reporting results of $54.6 billion, down from $55 billion in March. Food and beverage also fell to $81.7 billion from $81.9 billion in March. Consumers avoided upgrades to electronics and appliances, which fell to $7.6 billion from $7.7 billion. Many also skipped the home furnishings category, which fell to $11.3 billion from $11.4 billion.<\/p>\n

Clothing and accessories also fell to $25.4 billion from $25.5 billion in March. \u201cHere consumers are thinking more carefully about what they want and need and have cut back on the number of items they buy,\u201d writes Saunders.<\/p>\n

\u201cConsumers in April remained focused on necessities,\u201d wrote West. \u201cBut they are likely also spending more on services. Clearly economic challenges are still impacting consumers, but easing inflation may have given many Americans that little boost in spending power.\u201d<\/p>\n

He\u2019s not wrong. Despite the categories that declined, April also saw a few winners. Take, for instance, motor vehicle parts and dealers, which rose to $129.9 billion from $129.4 billion in March. That slight increase reflects the continued trend of maintenance on the vehicles we have versus upgrades.<\/p>\n

Another winner was the general merchandise category. As the biggest gainer in April, general merchandise rose to $73.4 billion from $72.8 billion. Food service and drink also saw gains, rising to $88 billion from $87.5 billion in March.<\/p>\n

Although home furnishings suffered, our love of home improvement still reflected as a positive in April. Building and materials stores rose to $41.5 billion from $41.3 billion in March. And more consumers took on the mantra to \u201ctreat yo self\u201d by spending in restaurants ($88 billion up from $87.5 billion in March) and on personal care ($35.5 billion from $35.2 billion in March.)<\/p>\n

Of the dining out, Saunders notes that it \u201calso reflects the trend of people increasingly turning to experiences over buying things.\u201d<\/p>\n

Going forward, West writes that the consumer continues to learn \u201chow to adapt to higher costs and put these skills to good use, increased savings on essentials through savvy shopping may free up budgets for discretionary purchases that have been delayed\u2014even opening up a chance to \u201csplurge.\u201d\u201d<\/p>\n

During this latest numbers release, several retailers have checked in with quarterly results and updates. We will examine some in-depth in the coming days. Piyush Patel, chief strategic business development officer of Algolia, notes that \u201cLeisure spending is running at a slow pace and analysts are predicting a downward trend as major retailers like Walmart
\n WMT
\n <\/fbs-ticker>, Target
\n TGT
\n <\/fbs-ticker>, and Home Depot roll out their quarterly earnings. In Walmart\u2019s case, grocery sales continue on an upward path, seeing its grocery sales rise to more than half its overall total.\u201d<\/p>\n

We expect the May Census results on June 15. Meanwhile, summer is just around the corner and we will also keep an eye on what the summer days might bring in both the leisure and weather departments and their impact on retail sales.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By now, many of us are more than familiar with the nervous consumer culture we are currently experiencing. Despite whispers that inflation is easing some, it remains a growing concern for many. On May 16, the U.S. Census Bureau released retail spending results for April. Remember, major holidays that often involve spending and gathering, including […]<\/p>\n","protected":false},"author":1,"featured_media":11095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nHere\u2019s What We Bought In April | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By now, many of us are more than familiar with the nervous consumer culture we are currently experiencing. 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