From the course: Economics for Business Leaders

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Using retail sales data

Using retail sales data

From the course: Economics for Business Leaders

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Using retail sales data

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- Business leaders love to talk about things in an 80-20 world. This means that 80% of your business comes from 20% of your customers. When we're thinking about the economy in the United States for example, it's not quite 80-20, but 70% of the economy comes from people buying stuff, people consuming goods and services. This means the data like retail sales is really important. A key way to gauge the health of that 70% of the economy is retail sales data. This data reflects what people are buying. As a business leader, you need to be familiar with the level and trend of retail sales in the economy where you operate. This means that you need to know whether they're up say 5% year-on-year or down 1%. Those trends are important. In the United States, that data is presented in two different ways. The first is total retail sales. This is just what it sounds like. It represents the value of retail sales sold in the economy.…

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