CStore Decisions outlines the data, trends and innovation impacting core c-store categories this year.
“Cautious optimism” seems to best sum up the economic outlook for 2024 among consumers and retailers alike as recession fears fade and inflation looks to finally be winding down. Meanwhile, many industry and consumer trends that have been building for the last few years have reached a fever pitch.
Euromonitor International’s “Top Global Consumer Trends for 2024” report pointed to the rise of artificial intelligence, consumer demand for wellness, sustainability and social responsibility from brands — all of which we’ve been watching develop over the past few years — as top trends to watch for 2024. Also included on Euromonitor’s list is shoppers’ demand for value as customers continue to face cost-of-living challenges. Customers are also seeking an escape from daily stress with 29% of customers reporting they would be comfortable with brands tracking their emotions and personalizing
experiences to their moods.
SHIFTING TIDES
While customer sentiment about the economy dipped from August through the end of December, as of mid- January it had begun ticking upward again, rising above the February 2023 high of 36.9 to 37.7. It’s not a surprise as the U.S. economy grew faster than expected in Q4 2023 due to strong consumer spending. Inflation is on the decline and recession fears are reportedly retreating.
Real gross domestic product (GDP) increased at an annual rate of 3.3% in Q4 of 2023, according to the Bureau of Economic Analysis. The White House announced that for the full year (from Q4 2022 through Q4 2023) the economy grew 3.1%, which Reuters pointed out was much better than economists’ estimates of a 0.1% contraction. Still, headwinds for 2024 show a potentially slow year.
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