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Market Report

Las Vegas Retail Market Report

2Q 2023

Diversified Consumer Base Helps Insulate Las
Vegas from Possible Economic Headwinds

Local growth provides a new source of stability. From the onset of 2021 through the first quarter of this year, Las Vegas’ 3.0 percent population expansion was more than three times as fast as the overall U.S. gain. That growth resulted in the creation of nearly 50,000 new metro households, a boon for local retail sales across segments. The enlarged resident base, which is projected to continue rising at an above-average pace amid robust in-migration, should reinforce the market’s retail sector if an economic slowdown transpires. In the past, a reduction in discretionary travel during a downturn had a major impact on the metro’s consumer spending, due to its heavy reliance on visitors and the jobs they support. While tourism remains the backbone of Las Vegas, a surging populace and economic diversification should help local retailers better overcome challenges. Divergent performance is possible, however, as tourist-centric areas may face more direct impacts than residential hubs. 

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