Forecasting Retail Surge in July: Insights Into Trucking Economy Shifts for 2024
The anticipated sales growth for retailers this month is largely influenced by the Fourth of July holiday and Prime day event, which both occurred earlier this month.
According to Motive’s Big Box Retail Index, June witnessed a notable uptick in retailer restocking, with warehouse truck visits increasing by 10.8% compared to May and rising by 16% compared to the previous year. This surge in restocking activity is in line with seasonal trends but significantly exceeds historical rates, as indicted by Motive’s report.
Breaking down the data by sector, department stores, apparel, and electronics stores experienced a substantial 32.9% year-over-year increase in restocking activities in June. Home improvement stores followed closely with a 24.4% year-over-year rise. Additionally, brick-and-mortar stores are gaining momentum this year, per Motives insights.
In their June economic report, Motive said that reduced freight rates in the trucking industry have enabled retailers to replenish products promptly to meet customer demand.
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