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Grocers Navigate Through Stormy Economy
The grocery segment demonstrated “remarkable strength” over the course of the pandemic, with year-over-year visits to the category increasing for much of 2020 and 2021, Placer.ai reports. However, that was then.
Inflation hit the category in mid-2022, and grocery visit growth began to slow down, although traffic remained ahead of pre-pandemic levels. But Y-O-Y growth stalled, and by the first quarter of 2023, grocery visits were down almost every week on a Y-O-Y basis.
“Now, nearly halfway through 2023, location intelligence shows that grocery traffic is still lower than last year,” according to Placer.ai’s “5 Major Grocery Trends Shaping the Industry in 2023” white paper. “And this contraction in grocery visits is not happening in a vacuum – retail visits in general have been on a downward trend over the past several months, with few sectors remaining unaffected by current economic headwinds.”
Nonetheless, there are bright spots amid ongoing evolution. The white paper dives into the latest location analytics to explore how the grocery segment is adapting to continued challenges and navigating a stormy economic climate.
In the white paper, you’ll learn –
- What brands rely on an attractively priced product mix to find success in spite of rising prices.
- Which chains double down on convenience by experimenting with smaller formats.
- Where grocers are driving visits by investing in immersive shopping experiences.
- ◦Economy
