Wyoming Has Cash, So Why Is Its Retail Growth Forecast at Rock Bottom?

DesignRush’s latest market projections have revealed Wyoming as the worst-performing state for 2024 holiday retail sales, with a forecasted growth of -3.2%.

The state’s per capita income of $68,457 is among the highest in the country, with residents spending an average of $48,911 annually.

However, Wyoming’s retail landscape falls short of meeting consumer needs, only having 259 retail stores — the lowest number per capita in the U.S.

This lack of local options means residents may be relying heavily on out-of-state retailers and eCommerce stores for their shopping needs, depriving Wyoming’s economy of critical holiday revenue.

Retail advertising in Wyoming is also notably underutilized, with a total spend of $538 million — significantly lower than states with similar income levels.

This lack of visibility prevents local retailers from effectively engaging with their audience and capturing potential sales.

Additionally, Wyoming has one of the lowest sales tax rates in the nation at 4%, offering a clear competitive edge for local businesses.

Yet, retailers have failed to capitalize on this advantage, leaving consumers unaware of potential savings and benefits from shopping locally.

DesignRush General Manager Gianluca Ferruggia shared his expert opinion about Wyoming’s situation as a classic example of untapped potential, ripe for the picking:

With strategic investments in marketing campaigns, retailers can not only capture a share of Wyoming’s wealth but also contribute to revitalizing the state’s struggling retail sector.

Businesses that recognize and act on this potential stand to gain from a market ripe for development, while residents benefit from improved shopping access and options in their own state.

DesignRush Methodology

Professional market research empowers businesses with crucial data to make informed decisions, optimize resources, and drive growth.

Recognizing the importance of accurate insights, DesignRush conducted an in-depth analysis to forecast the 2024 holiday retail sales growth across the United States., emphasizing regional and industry trends through a robust three-step methodology:

• Data Collection: The analysis focused on October–December sales over the past five years (2018–2023), with an emphasis on Clothing and Accessories, using data from the U.S. Census Bureau.
• Growth Rate Calculation: Year-over-year comparisons and industry averages were used to identify state-level trends.
• Trend Forecasting: A linear regression model predicted 2024 growth, incorporating macroeconomic factors like inflation and employment for accuracy.

This approach ensures that the projections rely on historical data, adjusted to account for current economic conditions and aligned with prevailing trends, to be able to provide a reliable assessment of holiday retail sales performance for this year.