In 2022, local stores, restaurants, and bars in the Chicago area experienced a 7% increase in retail sales, reaching $163.3 billion. While it seems much of the the increase came from rising inflation rather than a total increase in the quantity of goods sold, popular demand from consumers played a significant role.
Rising inflation caused by increased gas, food, and labor prices disrupted the local economy, prompting retailers to raise their rates. In turn, consumers changed their spending habits.
On another hand, due to pent-up consumer demand, the bar and restaurant industry experienced a 17% increase in sales. The increase brings total industry sales for the year to $20.8 billion.
Despite last year’s increase, the economy is showing signs of slowing once again. Further, the increasing interest-rate environment and tightening discretionary purchases by consumers could lead to a further slowdown in retail sales in the second half of the year.
The overall 7% increase for 2022 makes it the second largest annual increase in Chicago since 1994.
You may also like:
State Street buildings fight for landmark status amidst demolition plans
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.