UNITED STATES, February 6, 2024 /EINPresswire.com/ -- The taxable retail market comprises products such as clothing, shoes, furniture, consumer electronics and other general merchandise that are subject to sales tax. This market caters to daily consumer needs with both essential and discretionary items.

Market Dynamics:

The global taxable retail market is expected to witness significant growth during the forecast period, owing to growing online retail penetration and rising disposable incomes in developing economies. As per the report, online retail sales are expected to account for over 25% of the global retail sales by 2031, up from around 20% in 2024. This trend is expected to positively impact tax collection on retail sales. Additionally, with rising disposable incomes, consumers in developing regions now have more spending power on discretionary retail items, thus driving the overall tax revenue collection in these markets.

The Taxable Retail Market size is expected to reach US$ 22.97 billion by 2030, from US$ 13.49 billion in 2023, at a CAGR of 7.9% during the forecast period.

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Market Drivers -

Demand for Fast Fashion Driving Easy Access to Taxable Retail Products

The fast fashion trend has taken over retail markets globally. Consumers expect quick turnaround of new trends and styles at affordable prices. This has led to high demand for affordable fashionable clothing and accessories that can be purchased regularly. Taxable retail stores have adapted to this demand by stocking new inventory more frequently and pricing products competitively. They offer convenient locations and flexible payment options to allow easy and frequent shopping. This fast fashion lifestyle has become the new normal for many consumers, especially the younger demographic. Taxable retail stores play a key role in fulfilling this need for constant new apparel options within peoples budgets.

Shift to Online Shopping Boosting Taxable Retail Market Growth

Online shopping has surged over the past decade with the proliferation of e-commerce platforms and improvements in delivery infrastructure. More and more consumers are turning to digital channels for their shopping needs rather than visiting physical stores. Taxable retail products are some of the most popular categories purchased online due to ease of browsing larger selections, reviews, and convenient home delivery. Many taxable retail leaders have established strong omni-channel models with robust online storefronts to capture this shift in shopping behavior. The coronavirus pandemic has further accelerated the adoption of online shopping across demographics. Taxable retail stores are investing heavily in growing their direct-to-consumer online channels to benefit from increasing digitalization of the market.

Major Key Players:

Walmart, Amazon, Costco, Target, Best Buy, Home Depot, Kroger, Lowe's, Albertsons, Publix, Walgreens Boots Alliance, CVS Health, 7-Eleven, Rite Aid, Ace Hardware, Menards, Dick's Sporting Goods, L Brands, Nordstrom, Macy's

Detailed Segmentation:

By Product Type
Food & Beverage
Apparel & Footwear
Consumer Electronics
Home Improvement
Personal Care & Beauty
Toys & Games
Others
By Distribution Channel
Supermarkets & Hypermarkets
Convenience Stores & Departmental Stores
Specialty Stores
Others (Warehouses, etc.)
By Location
Standalone
Malls
Strip Centers
Power Centers
Lifestyle Centers
Factory Outlets
Others

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Opportunity - Personalization Driving Higher Average Order Values

Customers increasingly expect premium personalized experiences from brands. There is opportunity for taxable retailers to capitalize on this demand for unique personalized products and services. By expanding capabilities for customizations like custom embroidery, monograms, engraving or personalized product recommendations, taxable retailers can boost average order values and drive greater customer loyalty. In times of economic uncertainty, personalized products may still appeal as a splurge compared to mass-produced alternatives. If executed well with minimum hassle, personalization programs could emerge as a new avenue for sustainable revenue growth in the taxable retail sector. Investing in tailored technological solutions will allow scaling of personalized offerings.

Trends - Growing Focus on Sustainability in Retail Supply Chains

Rising environmental concerns have put the spotlight on sustainability in the consumer products industry. Young shoppers in particular consider a company's environmental and social impact before making purchasing decisions. This is driving taxable retailers to focus on sustainable sourcing and manufacturing practices. Trends seen are greater use of organic, recycled and eco-friendly materials in product development. Adoption of clean manufacturing technologies and investment in renewable energy infrastructure by retailers too. Emphasis on packaging reduction and reuse along with supply chain traceability and transparency. Demand for ethically sourced inventory is compelling taxable players to clean up act and communicate commitment to sustainability for long term growth. This remains a defining trend impacting strategies across taxable retail sector.

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𝗙𝗔𝗤’𝗦:

What is the projected size of the Taxable Retail Market by 2031?
Which major countries will experience the greatest impact from the Taxable Retail Market?
Which regional market in the Taxable Retail Market is the largest?
Which leading companies dominate the majority of the Taxable Retail Market?
Which geographic market within the Taxable Retail Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Taxable Retail Market?
What are the current trends and future predictions for the global Taxable Retail Market industry?
What are the key strategies employed in the Taxable Retail Market?
What are the main growth prospects for the Taxable Retail Market?

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