The year that’s ending was a tumultuous one for retailers (and others), as inflation, high interest rates and general economic headwinds continued constraining consumer behavior. Still, 2023 also revealed many bright spots across a variety of consumer-facing sectors, from retail to dining to advertisement to entertainment.
Many of these developments, in turn are likely to shape the wider consumer landscape in the coming year, Placer.ai reports in its latest white paper, “8 Retail Trends to Watch in 2024.”
“The retail lift from Taylor Swift’s Eras Tour revealed the appetite for socializing-based entertainment, while the pull of Coach [Deion] Sanders revitalizing the football program at Colorado showed that college football can also create major retail opportunities,” the report notes. “The popularity of second-hand apparel highlighted the promise of eco- and budget-friendly retail concepts.
“Placemaking in retail and real estate, along with the success of experiential dining and entertainment concepts, emphasized the power of investing in consumer engagement. Consolidation helped certain grocery companies reach new audiences, while expansion helped dining brands solidify their standing in key growth markets.
“Retail media networks continued gaining momentum. And the impact of COVID continued receding in certain critical areas.”
Click here to register to download a copy of the report, which does a deep dive into how those events and trends will shape 2024 for retailers.