By Kyle Cheng
The overall economic outlook is positive. Consumers are spending money now that restrictions are easing and overall confidence has jumped as consumers are optimistic about the economy.
Retail sales surged 9.8% in March. Driven by the stimulus, Q1 retail sales saw the strongest quarterly growth since the ’60s. Auto sales also spiked last month, hitting levels not seen in more than three years.
Manufacturing has been especially strong, adding 53,000 jobs. Auto manufacturing is seeing some slowing because of key component shortages. However, overall production in the auto-parts segment is still growing. While some obstacles remain, such as supply-chain constraints and short-term pricing pressure, the overall outlook remains bright.
For more information, download the new April “SEMA Industry Indicators” report today at www.sema.org/research.
Other new reports from SEMA Market Research:
- 2021 SEMA Vehicle Landscape Report: Aftermarket products can be used on just about any vehicle. However, knowing where the greatest opportunities are can be challenging. This report looks at how the vehicle landscape is shifting, where the greatest opportunities are for our industry and what trends are on the horizon that may impact your business.
- Classic Vehicle Report—Classic Cars, Modern Markets: In this report, SEMA Market Research explores the specialty aftermarket for classic vehicles. Inside, you will find information on how owners relate to their classic vehicle, how they go about achieving their vision and how businesses can connect with them.