When I look at the headlines of what's happening at retail, it looks like this year, like most, will not be immune to change. While inflation is softening (finally), consumers will continue to make shifts in order to best take care of their families and finances.
"Asked how they were dealing with the higher prices, 57% of respondents said that they were buying less food, 52% said that they were buying less expensive store brands, and 48% said that they were buying less expensive national brands. Thirty-seven percent of respondents said that they were shopping at less expensive grocery stores".1
Our collective experience over the last few years created trends
The last few years have also given rise to new routines and new consumption patterns. In a recent article, "Where are Consumers Heads - and Wallets - This Year?" two trends jumped out that highlighted opportunities at retail:
"With consumers refocusing their priorities during a stress-filled decade, Euromonitor emphasized the emerging importance of short-term buying approaches that often include surprise-and-delight items. Euromonitor’s experts recommended that businesses create campaigns targeting special occasions and offer instant gratifications that can still fit within budget constraints."2