The Michigan Retailers Association said retailers across the state reported the lowest sales since December 2022 last month.
According to the report, sales in July 2023 dropped below expectations and were at 45.3 on a 100-point retail index, down from 56.0 in June.
Forty-three percent of retailers reported an increase of sales, 38% reported a decrease and 19% reported no change, according to the MRA.
Each month has changed drastically with sales, according to the association, but optimism remains high heading into the fall season and then holiday shopping.
The year of rollercoaster sales continues for Michigan’s retailers,” said William J. Hallan, president and CEO of the Michigan Retailers Association.
According to the association, 55% of retailers predict sales will increase through October, and only 17% expect sales to decrease.
