In-Store & Online Retail Sales

US Economic Indicators: In-Store & Online Retail Sales

Yardeni Research, Inc.

November 15, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Debbie Johnson

480-664-1333 djohnson@

Mali Quintana

480-664-1333 aquintana@

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Table Of Contents Table Of Contents

In-Store & Online Retail Sales

1-6

November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 1.

1400

RETAIL SALES: IN-STORE* PLUS ONLINE SALES (billion dollars, saar)

1200 In-Store* Plus Online Sales

Online Sales (1287.4)

Department Stores (130.8)

1000

Warehouse Clubs & Super-Stores (644.7)

All Others (776.6)

800

1400 Sep

1200

1000

800

600

600

400

400

200

200



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores. Source: Census Bureau and Haver Analytics.

Figure 2.

70

RETAIL SALES: IN-STORE* PLUS ONLINE SALES

(as a percent of in-store* and online sales)

In-Store* Plus Online Sales

60

Online Sales (45.3)

Department Stores (4.7)

Warehouse Clubs & Super-Stores (22.7)

50

All Others (27.3)

40

70

60

50 Sep

40

30

30

20

20

10

10



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores. Source: Census Bureau and Haver Analytics.

Page 1 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 3.

3

RETAIL SALES: IN-STORE GAFO* & ONLINE SHOPPING (trillion dollars, saar)

In-Store GAFO* (1.6)

In-Store GAFO* + Online** (2.8)

2

Online** (1.3)

1

3 Sep

2 Sep

1



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Haver Analytics.

Figure 4.

55

55

RETAIL SALES: ONLINE SHOPPING

50

(as a percent of In Store GAFO* + Online**)

50

45

Sep 45

40

40

35

35



30

30

25

25

20

20

15

15

10

10

5

5

0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Haver Analytics.

Page 2 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 5.

1300

1300

RETAIL SALES: GENERAL MERCHANDISE STORES & ONLINE SHOPPING

1200 (billion dollars, saar)

1200

1100

1100

1000

Retailers

General Merchandise Stores*

900

Online**

800

1000 Oct 900

800

700

700

600

600

500

500

400

400

300

300

200

200

100

100



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Department stores, warehouse clubs, and supercenters. ** Electronic shopping and mail order houses.

Source: Census Bureau.

Figure 6.

55

55

RETAIL SALES: GENERAL MERCHANDISE STORES & ONLINE SHOPPING

50 (as a percent of In-Store GAFO* + Online)

50

45

45

40

40

35

Retailers

35

General Merchandise Stores**

Sep

30

Online***

30

25

25

20

20

15

15

10

10

5

5



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Department stores, warehouse clubs, and supercenters. *** Electronic shopping and mail order houses.

Source: Census Bureau.

Page 3 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 7.

1000

RETAIL SALES: GENERAL MERCHANDISE STORES (billion dollars saar)

800

General Merchandise Stores (GMS)*

GMS: Total

GMS: Warehouse Clubs & Super-Stores

600

GMS: Department Stores & Others

1000 Oct

800

600

400

400

200

200



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* General Merchandise Stores includes Warehouse Clubs & Super-Stores. Source: Census Bureau and Haver Analytics.

Figure 8.

RETAIL SALES: GENERAL MERCHANDISE STORES (GMS) & ONLINE SHOPPING 50 (as percent of total In-Store + Online GAFO*)

Percent of Total GAFO*

Online** (45.3)

GMS: Warehouse Clubs & Super Stores (22.7)

40

GMS: Department Stores & Others (8.4)

50 Sep

40

30

30

20

20

10

10



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Haver Analytics.

Page 4 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 9.

100

100

RETAIL SALES: IN-STORE GAFO* & ONLINE

(yearly percent change)

In-Store GAFO* (0.3) Online** (9.3)

50

50

0

Sep 0



-50

-50

93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Haver Analytics.

Figure 10.

22

RETAIL SALES PER HOUSEHOLD: IN-STORE & ONLINE (thousand dollars, saar)

20

Sep 22 20

18

18

16

16

14

14

12

Sep 12

10

10

8

In-Store* (11.9)

8

In-Store* + Online** (21.8)

6

6



4

4

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Haver Analytics.

Page 5 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



In-Store & Online Retail Sales

Figure 11.

15000

RETAIL SALES: ONLINE SHOPPING* PER HOUSEHOLD

10000

15000 Sep 10000

5000

5000



0

0

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Electronic shopping and mail order houses. Source: Census Bureau and Bureau of Economic Analysis.

Figure 12.

100

100

RETAIL SALES: ONLINE & IN-STORE SHOPPING PER HOUSEHOLD

In-Store* Online**

50

50



Sep

0

0

-50

-50

93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* GAFO (general merchandise, apparel and accessories, furniture, and other sales) includes retailers that specialize in department-store types of merchandise such as furniture & home furnishings, electronics & appliances, clothing & accessories, sporting goods, hobby, book, and music, general merchandise, office supply, stationery, and gift stores.

** Electronic shopping and mail order houses. Source: Census Bureau and Bureau of Economic Analysis.

Page 6 / November 15, 2023 / In-Store & Online Retail Sales

Yardeni Research, Inc.



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