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2023 Trends Likely to Shape 2024 Retail
2023 was another tumultuous year overall, with inflation, high interest rates and general economic headwinds continuing to constrain consumer behavior, says Placer.ai in a new report. Nonetheless, the year also revealed many bright spots across a variety of consumer-facing sectors, from retail to dining to advertisement to entertainment. And many of these developments are likely to shape the wider consumer landscape in 2024.
For example, Placer.ai reports, “the retail lift from Taylor Swift’s Eras Tour revealed the appetite for socializing-based entertainment, while the pull of Coach [Deion] Sanders showed that college football can also create major retail opportunities.
“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.”
In its latest white paper, 8 Retail Trends to Watch in 2024, Placer.ai details how these and other trends impacted the retail landscape on both a local and regional level over the past year. To cite one example, Michaels has the Eras Tour to thank for an uptick in visits as fans bought up materials for friendship bracelets ahead of concerts.
- ◦Economy
