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Amid 2023’s Headwinds, Some Retail Segments Thrived
Notwithstanding a strong fourth quarter and holiday selling seasons, 2023 was a year of headwinds for the retailing sector, as consumers traded down and cut back on unnecessary indulgences, Placer.ai says in a new white paper. However, amid these challenges, some segments thrived.
“Continued prioritization of health and wellness by consumers drove strong visit growth for the Fitness and Beauty & Self Care segments – which emerged as 2023 winners and enjoyed positive foot traffic growth in Q4,” according to Placer.ai’s Q4 2023 Quarterly Index report.
“At the same time, price consciousness drove foot traffic to Discount & Dollar Stores and Superstores, both of which made inroads into the affordable grocery space during the year,” the white paper states. Grocery also saw more traffic year-over-year, and even the discretionary Dining segment held its own.
In the white paper, Placer.ai explores how leading retailers performed in Q4, which industries saw Y-O-Y visits grow by more than 10% in 2023 and how calendar differences between 2022 and 2023 affected weekly visit performance.
- ◦Economy
