US Retail Sales Surge in February
United States retail sales surged significantly in February as merchants were able to weather severe snowstorms across the country.
Retailers also said that beefed up inventories and lesser discount offers were the main reason why they were able to gain strong sales last month.
Despite fewer discount offers and severe snowstorms in various regions of the US, retailers were able to post their best monthly sales record yet since the start of the recession.
According to new data by the market research groups, lean inventories and higher demand for manufactured goods have helped many merchants across the country to gain sales.
Experts said that American consumers are now out of hibernation and are ready to spend on want they want and not just what they need.
Thomson Reuters index has beat earlier predictions as 75 percent of the retailers in the US said that sales have been better in February compared in any other month since November 2007. Retailers, based on the data, said that sales could have been better if not for the severe snowstorms that have hit major market in the country.
Meanwhile Accenture Retail Practice global managing director Janet Hoffman said that the last four to five months has been the bread and butter of many of the merchants. She added that despite the relatively strong sales growth last month, it could still not be considered as a “breakaway” spending.
"It's not breakaway spending, but I think that there is enough evidence to tell us that the consumer is happy to be back in the marketplace shopping,” she said.
Since the January 2010, retailers saw a steady average of 3.7 percent growth rate.
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