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Consumer Retail - Industry - North America Market, Share and Trends 2023-2028

Report ID:

CRIND1N

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Industry:

Summary of Consumer Retail

The North American consumer retail industry has seen significant changes in recent years brought on by accelerated e-commerce adoption and evolving consumer preferences. The COVID-19 pandemic amplified many existing trends like the rise of online shopping and demand for personalized and a more convenient retail experience.

Recent estimates value the total North American retail market at over $4 trillion annually, with the US as the largest national market. Looking ahead — consumer spending is expected to continue shifting towards online channels, wellness products and more sustainable/ethical brands that meet evolving social and environmental expectations.

Major retailers have invested heavily in omnichannel fulfillment like BOPIS, curbside pickup & same-day delivery to meet rising consumer expectations for convenience. Customization of the in-store experience through technologies like mobile apps and digital signage is also growing.

Demographic trends are also impacting retail as younger generations come of age. Millennials and Gen Z have shown a particular preference for personalized, on-demand and sustainable products obtained through both physical and digital touchpoints. Based on our estimates, we can say that North America’s regional consumer retail industry is forecasted to be a $10,487.02 billion industry in 2029 from $7290 billion in 2023 with a CAGR of 6.21 %.

Sustainability has become a purchasing priority - nearly 90% of North American consumers now report wanting more eco-friendly options from brands. Retailers are localizing assortments, improving packaging and are also offering rental/resale programs to appeal to this demand.

Overall— a successful retail strategy in the region will require seamless integration of online and offline shopping, personalized experiences, and formulating a clear sustainability commitment to engage socially-conscious consumers. Multichannel flexibility will remain key.

Recent Trends and Insights

E-commerce sales have doubled in the past two years and now account for over 25% of total retail spending across the US and Canada. Major retailers have invested heavily in omnichannel capabilities like BOPIS (buy online, pickup in store) to remain competitive.

Customization and personalization are increasingly important to consumers, whether through personalized product recommendations, custom designs/sizes, or tailored subscription boxes. Retailers are exploring new technologies like AI, 3D printing to enable more customized experiences.

The United States has one of the largest retail markets of any country in the world and many of the world's largest retail companies are located there. In the previous several decades - total retail sales numbers in the United States have grown considerably - more than seven trillion dollars in 2022 compared to slightly under three trillion dollars in 2000. Our estimates lead us to believe that the U.S. consumer retail market is blooming — from $5248.8 billion in 2023 to $7877.03 billion in 2029 and is evolving with a CAGR of around 6.8 %.

On the basis of deployment model — Cloud and on-premises retail analytics markets are divided. The cloud segment had a greater proportion in 2021 as a result of the increased need for massive storage capacity and the shift towards digital transformation.

On the basis of organization size — there are two segments in the retail analytics market-- major enterprises and small and medium organisations (SMES). Due to large companies' growing use of analytics software for a variety of application areas that include - sales forecasting and merchandising analysis.

Product Insights

Wellness products continue growing in popularity that include - vitamins/supplements, organic/natural foods, CBD items and other alternative remedies. Retailers are expanding these assortments both in stores and online.

Personalization is a major trend across multiple categories like apparel, cosmetics, consumer electronics and more. Options for customization, personal emblems/monograms and modular/customizable products are increasing. Mobile point-of-sale technologies allow retailers to provide enhanced shopping experiences through features like digital catalogs, AR/VR try-ons, mobile checkout and buy-online-pickup-in-store options.

Sustainable product lines are in high demand from eco-conscious shoppers. This includes greener home goods, reusable/refillable products and items made from recycled or organic materials. Subscription/auto-replenishment services are gaining traction for consumable categories like beauty, pet food, diapers and more. Retailers offer tailored subscription boxes and automated reorders.

General merchandise is one of the biggest segments of the US retail market. This industry is made up of retailers that provide a broad variety of consumer items that range from clothing to electronics to home furnishings-- without concentrating on any one product category.

In 2022 - general merchandise retailers brought in about $852 billion in revenue - continuing the upward trajectory that started in 2009. Whereas the clothing and accessory stores brought in over $312 billion in sales that same year.

Key Companies

Some major players within this vast domain of industry are

  • Walmart Inc.
  • com Inc.
  • Costco Wholesale Corp.
  • The Home Depot Inc.
  • Target Corporation
  • Lowe's Companies Inc.
  • Best Buy Co. Inc.
  • The Kroger Co.

Regional Analysis

The United States represents the largest national market, generating over $3.6 trillion in annual retail sales. However— e-commerce is growing rapidly in Canada as well at a higher rate than in the US.

Sophisticated retailers are evolving how they evaluate stores and optimize their network. For example— Modern data sources can be used to see detailed microtraffic patterns. Retailers could also adjust their analysis to take COVID-19 impacts into account and determine whether store location or underlying intrinsics contribute to shop success.

Major population centers like New York, Los Angeles, Toronto and Mexico City represent lucrative markets for retailers due to their large, affluent consumer bases. However— rural expansion remains important for multi-channel players.

Omnichannel strategies are a priority as shopper preferences differ significantly between regions. For example— curbside/BOPIS pickup is especially popular in the western US while same-day delivery sees more demand in the northeast.

Sustainability priorities also vary locally, with California/Pacific Northwest shoppers particularly focused on eco-friendly products compared to other regions. Retailers are tailoring assortments accordingly.

Market Segmentation

By Type:

  • Ecommerce platforms and mobile apps
  • AI-powered product recommendations and personalized shopping
  • AR/VR for virtual try-ons and interactive displays
  • IoT solutions for supply chain and inventory management

By End User:

  • Retail chains, franchise brands
  • Grocery stores and supermarkets
  • Direct-to-consumer brands
  • Online marketplaces

By Enterprise Size:

  • Large retailers
  • Small and mid-sized stores
  • D2C startups

By Country:

  • The U.S.
  • Canada
  • Mexico

Our Methodology

We have offered a well-founded review of North America’s regional consumer retail market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The North America Size of the Consumer Retail Industry is USD 7290 Billion in 2023 and is expected to grow to USD 10487.02 Billion by 2029

The CAGR of the Consumer Retail Industry Market in North America is 6.21%

The U.S region accounts for 72% of the total market share of the Consumer Retail Industry Market

The key players in the Consumer Retail Industry Market in North America are Walmart, Amazon, The Home Depot, Costco Wholesale Corporation, Target Corporation. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Consumer Retail Industry Market in North America are E-commerce, Customer Experience, Technological Advancements, Supply Chain Optimization and Social Responsibility. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Consumer Retail

The North American consumer retail industry has seen significant changes in recent years brought on by accelerated e-commerce adoption and evolving consumer preferences. The COVID-19 pandemic amplified many existing trends like the rise of online shopping and demand for personalized and a more convenient retail experience.

Recent estimates value the total North American retail market at over $4 trillion annually, with the US as the largest national market. Looking ahead — consumer spending is expected to continue shifting towards online channels, wellness products and more sustainable/ethical brands that meet evolving social and environmental expectations.

Major retailers have invested heavily in omnichannel fulfillment like BOPIS, curbside pickup & same-day delivery to meet rising consumer expectations for convenience. Customization of the in-store experience through technologies like mobile apps and digital signage is also growing.

Demographic trends are also impacting retail as younger generations come of age. Millennials and Gen Z have shown a particular preference for personalized, on-demand and sustainable products obtained through both physical and digital touchpoints. Based on our estimates, we can say that North America’s regional consumer retail industry is forecasted to be a $10,487.02 billion industry in 2029 from $7290 billion in 2023 with a CAGR of 6.21 %.

Sustainability has become a purchasing priority - nearly 90% of North American consumers now report wanting more eco-friendly options from brands. Retailers are localizing assortments, improving packaging and are also offering rental/resale programs to appeal to this demand.

Overall— a successful retail strategy in the region will require seamless integration of online and offline shopping, personalized experiences, and formulating a clear sustainability commitment to engage socially-conscious consumers. Multichannel flexibility will remain key.

Recent Trends and Insights

E-commerce sales have doubled in the past two years and now account for over 25% of total retail spending across the US and Canada. Major retailers have invested heavily in omnichannel capabilities like BOPIS (buy online, pickup in store) to remain competitive.

Customization and personalization are increasingly important to consumers, whether through personalized product recommendations, custom designs/sizes, or tailored subscription boxes. Retailers are exploring new technologies like AI, 3D printing to enable more customized experiences.

The United States has one of the largest retail markets of any country in the world and many of the world's largest retail companies are located there. In the previous several decades - total retail sales numbers in the United States have grown considerably - more than seven trillion dollars in 2022 compared to slightly under three trillion dollars in 2000. Our estimates lead us to believe that the U.S. consumer retail market is blooming — from $5248.8 billion in 2023 to $7877.03 billion in 2029 and is evolving with a CAGR of around 6.8 %.

On the basis of deployment model — Cloud and on-premises retail analytics markets are divided. The cloud segment had a greater proportion in 2021 as a result of the increased need for massive storage capacity and the shift towards digital transformation.

On the basis of organization size — there are two segments in the retail analytics market-- major enterprises and small and medium organisations (SMES). Due to large companies' growing use of analytics software for a variety of application areas that include - sales forecasting and merchandising analysis.

Product Insights

Wellness products continue growing in popularity that include - vitamins/supplements, organic/natural foods, CBD items and other alternative remedies. Retailers are expanding these assortments both in stores and online.

Personalization is a major trend across multiple categories like apparel, cosmetics, consumer electronics and more. Options for customization, personal emblems/monograms and modular/customizable products are increasing. Mobile point-of-sale technologies allow retailers to provide enhanced shopping experiences through features like digital catalogs, AR/VR try-ons, mobile checkout and buy-online-pickup-in-store options.

Sustainable product lines are in high demand from eco-conscious shoppers. This includes greener home goods, reusable/refillable products and items made from recycled or organic materials. Subscription/auto-replenishment services are gaining traction for consumable categories like beauty, pet food, diapers and more. Retailers offer tailored subscription boxes and automated reorders.

General merchandise is one of the biggest segments of the US retail market. This industry is made up of retailers that provide a broad variety of consumer items that range from clothing to electronics to home furnishings-- without concentrating on any one product category.

In 2022 - general merchandise retailers brought in about $852 billion in revenue - continuing the upward trajectory that started in 2009. Whereas the clothing and accessory stores brought in over $312 billion in sales that same year.

Key Companies

Some major players within this vast domain of industry are

  • Walmart Inc.
  • com Inc.
  • Costco Wholesale Corp.
  • The Home Depot Inc.
  • Target Corporation
  • Lowe's Companies Inc.
  • Best Buy Co. Inc.
  • The Kroger Co.

Regional Analysis

The United States represents the largest national market, generating over $3.6 trillion in annual retail sales. However— e-commerce is growing rapidly in Canada as well at a higher rate than in the US.

Sophisticated retailers are evolving how they evaluate stores and optimize their network. For example— Modern data sources can be used to see detailed microtraffic patterns. Retailers could also adjust their analysis to take COVID-19 impacts into account and determine whether store location or underlying intrinsics contribute to shop success.

Major population centers like New York, Los Angeles, Toronto and Mexico City represent lucrative markets for retailers due to their large, affluent consumer bases. However— rural expansion remains important for multi-channel players.

Omnichannel strategies are a priority as shopper preferences differ significantly between regions. For example— curbside/BOPIS pickup is especially popular in the western US while same-day delivery sees more demand in the northeast.

Sustainability priorities also vary locally, with California/Pacific Northwest shoppers particularly focused on eco-friendly products compared to other regions. Retailers are tailoring assortments accordingly.

Market Segmentation

By Type:

  • Ecommerce platforms and mobile apps
  • AI-powered product recommendations and personalized shopping
  • AR/VR for virtual try-ons and interactive displays
  • IoT solutions for supply chain and inventory management

By End User:

  • Retail chains, franchise brands
  • Grocery stores and supermarkets
  • Direct-to-consumer brands
  • Online marketplaces

By Enterprise Size:

  • Large retailers
  • Small and mid-sized stores
  • D2C startups

By Country:

  • The U.S.
  • Canada
  • Mexico

Our Methodology

We have offered a well-founded review of North America’s regional consumer retail market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as-- case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The North America Size of the Consumer Retail Industry is USD 7290 Billion in 2023 and is expected to grow to USD 10487.02 Billion by 2029

The CAGR of the Consumer Retail Industry Market in North America is 6.21%

The U.S region accounts for 72% of the total market share of the Consumer Retail Industry Market

The key players in the Consumer Retail Industry Market in North America are Walmart, Amazon, The Home Depot, Costco Wholesale Corporation, Target Corporation. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Consumer Retail Industry Market in North America are E-commerce, Customer Experience, Technological Advancements, Supply Chain Optimization and Social Responsibility. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

About Us

We are Ruskin Felix Consulting (RFC), a global strategic advisory firm. For over a decade, we have partnered with clients worldwide to solve complex business and technology challenges. Whether you need strategic advice, market research, or solutions to make important decisions, we’ve got you covered.

RFC Mentorship

At RFC, we believe that every great idea deserves a chance to shine. With our expert guidance, cutting-edge strategies, and meticulous attention to detail, we’ll work hand in hand with you to create strategies and guidance that helps you scale, build and develop your idea into a ready product in the market.