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According to The Business Research Company’s research report on the retail and wholesale market, specialty store companies are increasingly making an effort to cater to the growing number of conscious customers to gain trust and drive sales. A conscious consumer is someone who considers the social, environmental, ecological, and political impact of their actions. According to various surveys conducted, consumers have started placing an increased emphasis on the origin of products. Conscious consumers are also ready to pay a higher cost for their products, if the product is sustainable or supports a cause. Thus, to meet the consumer demands, specialty stores have been making investments in marketing and changing their products lines to gain confidence from the customers. Specialty brands such as Gucci and Ikea have been increasingly investing to gain trust of the sustainable consumer. For example, Gucci has banned the use of fur in order to adapt to changing consumer tastes.
A huge driver of the retailer and wholesaler market is expected to be the global conscientious effort of shopping local and supporting local business. This is due to an increased social awareness that local businesses allow more money to be kept in the community – because locally-owned businesses often purchase from other local businesses, service providers and farms – thus driving the local retail stores market. This is expected to drive the retailer and wholesaler market in the forecast period.
Asia-Pacific was the largest region in the global retail and wholesale market, accounting for 45.8% of the total in 2020. It was followed by North America, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the retail and wholesale market will be South America and Middle East where growth will be at CAGRs of 12.3% and 10.2% respectively.
The Business Research Company’s report titled Retail And Wholesale Global Market Report 2021 - By Type (Retail, Wholesale), By Ownership (Retail Chain/Wholesale Chain, Independent Retailer/Independent Wholesalers), COVID-19 Impact And Recovery covers major retail and wholesale companies, retail and wholesale market share by company, retail and wholesale manufacturers, retail and wholesale market size, and retail and wholesale market forecasts. The report also covers the global retail and wholesale market and its segments.
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The global retail and wholesale market is expected to grow from $65.32 trillion in 2020 to $71.81 trillion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The retail and wholesale market is expected to reach $93.69 trillion in 2025 at a CAGR of 7%.
Going forward, rising population, increasing number of middle-class consumers, growth of e-commerce, technology advancement, impact of data analytics, and consumer preference for shopping local will drive growth. Factors that could hinder the growth of the retail and wholesale market in the future include direct selling by manufactures, geo-political tensions, and coronavirus pandemic.
Retail And Wholesale Global Market Report 2021 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide retail and wholesale market overviews, retail and wholesale market analyze and forecast market size and growth for the whole market, retail and wholesale market segments and geographies, retail and wholesale market trends, retail and wholesale market drivers, retail and wholesale market restraints, retail and wholesale market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Convenience, Mom And Pop Stores Market 2021 - By Type (Convenience Stores, Mom And Pop Stores), By Ownership (Retail Chain, Independent Retailer), And By Region, Opportunities And Strategies – Global Forecast To 2030
E-Commerce Global Market Report 2021 - By Application (Home Appliances, Clothing And Footwear, Books, Cosmetics, Baby Goods, Groceries), By Model Type (Business To Business (B2B), Business To Consumer (B2C)), COVID-19 Implications And Growth
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