Market Insights with Mike: New Industry Indicators Suggest Trend Toward Stability
By Camille Sheehan
BETHESDA, Md. – October 6, 2020 – This edition of "Market Insights with Mike" takes a look at several industry indicators and how they’ve progressed since the major shutdowns occurred earlier this year due to COVID-19. While working on-site is still at about half of the pre-pandemic levels and the majority of school districts in the United States are going "back to school" virtually, the auto care industry has seen some sectors of the aftermarket recover well.
Retail sales of automotive parts, accessories and tires soared in the summer, reflecting considerable pent-up demand as consumers began driving again and prepared their vehicles for summer travel. Overall, the auto care industry bodes positively, with employment and industry sentiment rising considerably since bottoming out in April.
Will these positive trends continue? There are some indicators that suggest continuation of these trends.
To view the latest edition of Market Insights with Mike, click here.