By Kyle Cheng
Findings from the “SEMA State of the Consumer Report—Fall 2020” reveal that consumers are getting back on the road, feeling confident about their financial position, and spending at retailers again.
The last few months have been disruptive to many people, but new research shows that American consumers are adapting and moving past the crisis. Findings from the “SEMA State of the Consumer Report—Fall 2020” reveal that consumers are getting back on the road, feeling confident about their financial position, and spending at retailers again. Among the specific findings are:
- Retail spending in the U.S. hit a two-decade high of $482 billion in August, rebounding from the lows seen in March and April.
- Spending at auto parts and motor vehicle dealers hit a high of $110 billion.
- Approximately 1.34 million cars were sold in September 2020, a 6% jump from September 2019.
- About 74% of consumers report that their current financial status is better or at least the same as it was last year.
- 63% report saving at least a little of their money, compared to only 13% who are drawing on savings or running into debt.
When it comes to parts sales within the specialty-equipment industry specifically, SEMA expects sales to drop in 2020 but quickly bounce back over the next few years as consumers (and enthusiasts especially) continue to buy aftermarket parts and accessories. Vehicle sales are also bouncing back as travel restrictions ease up and consumers turn to their personal cars as a safe form of getting around.
Want to learn more about the current state of American consumers? Download the new “SEMA State of the Consumer Report—Fall 2020” for free at www.sema.org/research.