Industry Analysis

Projected Post-Covid Market Size, Growth Rate, Estimated Number of Employees, and the Number of Companies/Businesses: Retail

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Market Size and Market Growth Rate

  • The global retail industry was estimated to be valued between $20.2 trillion and $25.038 trillion in 2019.
  • According to Globe Newswire, “the global retail market is expected to decline from $21821.4 billion in 2019 to $21622.6 billion in 2020 at a compound annual growth rate (CAGR) of -1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $25122.2 billion in 2023.”
  • The projected market size for the global retail industry in 2022 is $23.838 trillion ($21622.6 billion x (5/100 +1) ^2).
  • According to Trading Economies, “retail sales MoM in the United States will stand at 0.40 in 12 months’ time. In the long-term, the U.S. Retail Sales is projected to trend around 2.40 percent in 2021 and 0.40 percent in 2022.”

Number of employees

  • According to the US Bureau of Labor Statistics, the number of employees in the retail trade industry was 15.644 million in 2019.
  • An exhaustive search through industry publications, market reports, media articles, regulatory websites, and statistical databases could not find employment projections that include impacts of the COVID-19 pandemic.
  • The US Bureau of Labor Statistics projects the number of employees in the US retail trade industry to reach 15.276 million by 2029 at a CAGR of -0.2%.
  • Using the CAGR of –0.2% the number of employees in the US retail industry is anticipated to reach 15.55 million by 2022. The projected number was calculated using a reverse CAGR calculator. The starting value is 15.644 million (2019), and the number of periods is 3 (years).

Companies/Businesses

  • According to IBIS World, the number of retail trade businesses in the United States in 2020 is 2,735,479. The number of businesses is expected to decline by 2.6% in 2020.
  • Assuming that the number of retail trade businesses in the United States will continue growing at a CAGR of 0.7% between 2020 and 2022, the number of retail trade businesses is anticipated to reach 2,773,909 by 2022. This projected number was calculated using a reverse CAGR calculator. The starting value is 2,735,479 (2020), and the number of periods is 2 (years).
GLENN TREVOR
Glenn is the Lead Operations Research Analyst at Simple Manifestation with experience in research, statistical data analysis and interview techniques. A holder of degree in Economics. A true specialist in quantitative and qualitative research.

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