Retail Stores Sales $598.6 Billion in March, Down by 1.2 Percent

By Manuel Gutierrez NKBA Consultant Economist.

The U.S. Census Bureau reports that retail sales in the United States fell 1.2 percent to $598.6 Billion in March, a decrease from the record-breaking sales of $605.6 Billion in February. This economic metric tracks the consumer demand for finished products. In four out of five recent months, sales were flat or even down. Sales in March were up 1.6 percent compared to the same month a year ago.

Four categories saw sales declines. Internet & Mail Order Sales saw the largest month-over-month increase of 1.9 percent. They were also up 12.4 percent compared to the previous year. The sales were $115.6 Billion, which is almost one fifth of retail dollars.

Health & Personal Care store sales increased by 0.3 percent to $35 billion in March. Sporting Goods, Hobby, Musical Instruments & Bookstores saw sales of $9.4 Billion, up 0.2 percent. Sales of $93.1 billion in Restaurants & bars increased by 0.1 per cent.

Only two categories were identified as being of greatest interest to our members: Building Materials and Electronics and Appliances. In March, sales at building material stores, including garden equipment and supplies dealers, dropped by 2.1 per cent to $41.5 billion. The sales of building materials are down since October when they were at their highest ever volume, $43.5 billion.

Electronics & Appliances store sales dropped by 2.1 per cent to $6,9 billion. Since May last year, sales in this group have fallen every month except for January when they rose by 5.9 percent. Sales at specialized outlets like Electronics & Appliances have been losing market share in general to home improvement stores and internet websites.
Restaurants & Bars had the biggest annual sales increase, up by 13.9% and reaching $93.1 billion. Food & Beverage also saw a big increase in sales. They generated $81.3 billion, an increase of 5.6 percent. Grocery Stores is the largest type of store within Food & Beverage, with sales totaling $72.9 billion. This was an increase of 5.8 percent.

Retail Stores sales $598.6 billion in March are down 1.2 percent. This post appeared first on NKBA.

By: NKBA Staff
Title: Retail Stores Sales $598.6 Billion in March, Down by 1.2 Percent
Sourced From: nkba.org/2023/04/retail-stores-sales-598-6-billion-in-march-down-by-1-2-percent/
Published Date: Wed, 19 Apr 2023 15:05:37 +0000

Frequently Asked Questions

What does a kitchen renovation do to your home’s value?

A kitchen renovation can double your home’s property value by as high as 20%. A major remodel can cost between $40,000 and $150,000. It’s important to determine how much money you have available to pay and whether you will see a return.

The key to selling your house quickly is choosing a kitchen design you can appeal to many buyers. Keep it simple and stick to classic styles to keep potential buyers from being turned away.

If you’re not planning on selling your home anytime soon, you have more freedom to personalize your kitchen. You should think about the purpose of your kitchen and what you want it look like. Are you someone who entertains often? You might want to think about a layout that provides ample prep space and plenty of room for your guests. Do you love to cook? If so, you might want to spend more on high-end appliances.

No matter your plans, a kitchen remodel can be a great way to increase your home’s value. Make sure to find the right contractor and do your research to get the best possible results.

What makes a timeless backsplash for a kitchen?

A subway tile backsplash is timeless. A full-height backsplash is recommended for kitchens. This would allow you to run the countertop as your backsplash all the way up to your upper cabinets. This creates the illusion of a larger kitchen.

Do you have flooring under your kitchen cabinets?

Flooring should be placed under all kitchen appliances. By doing this, you can make sure your countertop is at the proper height.

Are Kitchen Remodeling Costs Worth it?

Remodeling your kitchen can make your home look better, but it can also come at a high cost. You might be wondering if it is worth the cost to remodel your kitchen.

You should take into account several factors when deciding whether remodeling your kitchen is a worthwhile investment. The first consideration is the price of your home. If you plan to sell your home within the next few months, you need to ensure that any remodel costs are recouped in sale price.

Consider the cost of your remodel. The cost of high-end kitchen renovations can reach $50,000. It is important to make sure that you have the finances in place to cover them. You may not need to worry about the cost if your goal is to sell your home.

Finally, you’ll want to consider how much use you’ll get out of your new kitchen. You’ll need to ensure your new kitchen can handle your large-scale cooking and entertaining. You may be able do without a major remodel if your kitchen will not be used frequently.

These are some helpful tips to get you started if your not sure where to begin.

Determine whether you want to replace existing cabinets or build new ones. A kitchen remodel will cost more if you buy new cabinets. You will also need to get rid of all existing cabinets if you want to replace them all.
Choose your colours carefully. Colour choices can affect the overall appearance of your kitchen, so choose wisely.
Decide if you are going to upgrade the flooring. If you plan to sell your house soon, you might want to leave the flooring alone. A freshly painted concrete slab could give off a “new look.”
You might consider adding storage space. Adding cabinets, drawers, or shelves can increase your kitchen’s usable space.
Lighting is essential. Recessed lights installed above the sink, stove, and refrigerator can brighten dark corners in your kitchen.
Add Appliances. You can save energy by replacing your fridge with a more efficient model. It can also boost the resale value of your home.
Be sure to include enough outlets. Most kitchens have just one or two outlets. This means that your blender, microwave and other appliances won’t work in your kitchen.
Do not forget to look at the water lines. Water pipes are hidden behind walls or floors. Before you start any work, make sure to inspect for leaks.
Remove clutter. Your kitchen is already crowded, but try to keep things organized. You don’t need to keep it cluttered.
Get quotes from several contractors. When shopping around, compare prices based on square footage, material type (cabinets vs. stone), and the number of doors and windows.
Check out financing options. Many homeowners choose to finance their kitchen remodeling projects. This allows you to avoid paying interest on your payments.
Have a good idea of how long you plan to live in your house. The longer you stay there, the more you should invest in your kitchen.
Keep track of everything. Keep track of everything that happens during the construction process. Use a notebook to record measurements, materials, and construction techniques.
Plan ahead. It is important to plan ahead. This will make it much easier to visualize the final result.

How to Reduce Kitchen Remodeling Costs

Here are some ways to save money on your kitchen remodel.

Do your research.

Do your research before you begin any kitchen remodel project. This will give you an idea of what you want from your kitchen remodel. Also, research can help you to identify cost-saving opportunities.

Make a budget.

Once you have an idea about what you want from your kitchen remodel project, it is time to set a budget. This will help you determine how much money you will spend on the project. You must also stick to your budget in order to avoid going overboard.

Shop around for deals and discounts.

Consider looking for deals and discounts when shopping for kitchen appliances and materials. This will save you money when remodeling your kitchen.

Get a trustworthy contractor.

You should look for a contractor who is trustworthy and has a track record. A reputable contractor can provide you with quality workmanship at a reasonable price.

Do the job yourself.

If you’re handy around the house, you might consider doing the job yourself. You will save money and feel satisfied knowing you did the work yourself.

Following these tips can help you save money on your kitchen remodel costs.

How do I figure out my budget for a kitchen renovation?

The following guidelines will help you to determine your budget.

You should first estimate the cost to complete your remodel. These include countertops, appliances, cabinetry, paint, tile, lighting, plumbing, hardware, and other miscellaneous items.
Look into the average cost to labor in your community. Add this number to the total budget.
Add the total cost of all materials and labor to complete your project. Divide that number and multiply it by the square footage in your kitchen. That gives you the estimated cost per square foot.
Add the savings you anticipate from doing some DIY work or purchasing materials at discounted prices.
For unforeseen expenses, you can add an additional contingency of 10-20 percent.
Keep in mind that these are only estimates. A professional contractor can give you a better idea of the budget for your kitchen remodel.

This will allow you to develop a budget that fits your kitchen renovation. Your actual costs can vary depending upon the materials you select, the scope of the project, and other factors.

Statistics

“We decided to strip and refinish our kitchen cabinets during a heat wave with 90-plus-degree temperatures and 90 percent humidity in a house with no air conditioning. (familyhandyman.com)
It’s a fantastic thing about most home improvement projects: no matter the job. It often seems like the last 20% is the most difficult. (familyhandyman.com)
Experts also recommend setting aside 20 percent of your budget for surprises, including unpleasant demolition discoveries. One is water damage, the electricity that is not up to code, or other budget-spiking gotchas. (hgtv.com)
In large firms, the commission charged by the GC ranges from 15 to 25 percent of the total job cost. (thespruce.com)
In the Pacific region (Alaska, California, Washington, and Oregon), according to Remodeling Magazine, that same midrange central kitchen remodel jumps to $72,513, and a major upscale kitchen remodels jumps up $11,823 from the national average to $143,333. (hgtv.com)

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How To

How to design your kitchen layout

While there’s no right or wrong layout for your kitchen, you can choose specific layouts that work well in particular spaces. Here are some tips on how to design a kitchen layout that will work best for your space:

Start with the essentials. First, determine what you require in your kitchen. Decide what can go without. For example, you may not need a large stove or oven if you don’t cook much.
You should also consider the traffic flow. Next, think about how your family uses the kitchen. Also consider how traffic flows through it. You’ll want to ensure enough room to move around freely without bumping into each other.
Maximize storage. The third step of maximising storage is in the kitchen. This includes both food storage and cookware storage. It is important to make sure everything is in its right place and easily accessible.
Include your personal style. The fourth step is to incorporate your style into the kitchen layout. This includes everything including countertops and cabinets, flooring, and appliances. Pick materials and finishes that suit your style.
Talk to a professional. A professional kitchen designer is the fifth and final step. They will be able to help you create a layout which meets all your requirements and works within your space.