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Younger Americans Expected to Drive 2025 Retail Spending

Gen Z and millennials still like in-store shopping and are ready to spend.

By Kristen Smithberg | December 06, 2024 at 09:59 AM

The United States is ‘under-retailed’ by 200 million square feet, or the equivalent of five-and-a-half Central Parks in New York City. This is according to CBRE’s latest analysis of the retail market, which examines post-pandemic shifts in shopper demographics and their evolving needs.

From the 1980s into the early 2000s, the country overdeveloped retail space, but development has sharply declined over the past 15 years. Annual retail construction completions were down by more than 80% between 2021 and 2023 compared with the mid-2000s, the report said.

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