The beginning of 2021 offers promising news after a difficult 2020 for many business owners. According to Census data, retail and food service sales increased by 5.3% in January compared to December 2020 to $568.2 billion. This could reflect growing consumer demand and Is very good news for an industry hit especially hard by the pandemic.
There was also a slight 1.2% increase In wholesale sales from November to December 2020, coupled with a similarly small 1.1% increase in manufactured good orders. Although slight, these increases represent good news for industries that focus on business as opposed to consumer sales.
When Visa Franchise analyzed what businesses would be resilient throughout the pandemic, the factors of efficient budgets, secure payments, and market leverage were found to be the most important in determining businesses’ ability to withstand COVID-19’s economic effects. Be sure to check out the article for industry-specific information and analysis!