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Special Report

Retail Sales Research Brief

July 2022

Retail Sales Historically Elevated, Clouds
on the Horizon Prompt Spending Shift

Sales indicative of transitionary period. Consumers continue to spend more than they did before the health crisis, with core retail sales in June up nearly 27 percent relative to pre-pandemic. Potential oncoming headwinds are starting to emerge, however, which is shifting shopping preferences. Last month, inflation surged 9.1 percent year-over-year as food prices rose 10.4 percent annually. This escalation is weighing on consumer confidence, which fell to its lowest level since February 2021, and shifting spending from entertainment options to necessities. This includes food, both at dining establishments and grocers, which has implications for tenant demand moving forward.

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