Retail sales are currently above levels seen in January before the virus hit, strengthened by government financial stimulus and unemployment.
Overall, our industry continues to return to more normal operations and is increasingly more optimistic about their sales for the rest of 2020.
The U.S. economy is recovering, but it will take time before the levels of production, output and economic activity enjoyed prior to the onset of the pandemic returns.
Despite the Coronavirus, consumers are more confident, optimistic and in a better financial position today than they were during the last recession in 2007-2009.
In 2019, American consumers spent $46.2 billion on parts for upgrading, modifying and customizing their vehicles—a new historical high.
Even though 2020 has altered the vehicle landscape for many, the specialty-equipment market had shown impressive growth over the past 10 years with industry retail sales climbing nearly 4% to a new high of $46.2 billion in 2019, according to the new “2020 SEMA Market Report.”
What will go down in the record books as one of the steepest and deepest economic declines in U.S. history will likely also be the shortest.
Despite the disruptions over the past few months, manufacturers, distributors and retailers continue to maintain a positive outlook on the situation, and expect business to pick up now that restrictions are easing.
From May 20–29, SEMA conducted a survey of more than 1,800 professionals within the specialty-equipment industry to check in on how they were doing.
The economy reached what economists believe was the depth of the recession around mid-April, and expect gradual economic improvement over the coming months.