2018 will make one decade since the Great Recession that devastated the retail and service industries. In the past 10 years, both industries have seen their ups and downs, but recent figures showed that holiday sales improved in late 2017 by more than 5.5 percent compared to 2016. A recent economic upturn has made many business owners more optimistic for the future, but a changing competitive landscape means it’s more important than ever to stay on top of industry trends.
As millennials become bigger presences in the workforce, they’re also becoming a bigger factor in the nation’s consumer economy. In fact, retailers and service-oriented businesses are still scrambling to adapt to their unique needs and wants to capture the interest and attention of such a lucrative demographic. But at the same time, the spending of other generations is also increasing, which means business owners must be savvy and find ways to cater to a wide variety of customers and potential clients.
At TA Staffing, we anticipate the following four trends to be major factors in the retail and service industries in the coming year:
Contact us and let us know how we can partner with you.