Monday, June 17, 2019

Americans Spending More at Internet Stores Than Restaurants

U.S. stores reported broad-based gains in activity last month as 10 of 13 major sectors increased sales from a year earlier, reports Bloomberg.

In the past year, Americans’ boosted spending to "nonstore retailers" while clothing, food & beverage and building-material stores felt the brunt of consumers’ changing habits.

Spending at nonstore retailers, mostly Internet merchants, increased by $6.4 billion from a year earlier to $62.04 billion on an annualized basis. The nonstore retailer category is now a larger spending category than restaurant and bars.

Given the pace of growth, nonstore spending will likely pass food and beverage -- mainly grocery stores -- spending soon and move to the second largest retail category behind vehicles and parts.

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