Retail and Dining: Winners and Losers in 2024's Economy
The economic landscape of 2024 was marked by significant shifts in consumer behavior, with value-driven choices dominating the retail and dining sectors. According to a report by Yahoo Finance, U.S. shoppers and restaurant patrons were notably selective about their spending as they grappled with high housing and food prices. Many affluent customers opted for budget-friendly retailers such as Walmart and Aldi, reflecting a broader trend towards cost-effective shopping and dining solutions.
As per data from the IndexBox platform, the retail sector saw varying impacts based on consumer preferences. Coresight Research recorded 48 retail bankruptcies in the U.S. by December 20, contrasting with 25 in the same period in 2023. The index also highlighted a record number of 22 restaurant chains filing for bankruptcy in 2024, the highest since the pandemic year of 2020.
Winners
Walmart: The nation's largest retailer continued to capture a larger market share as shoppers with annual incomes over $100,000 joined its clientele. This transition was supported by Walmart's enhanced online services and a focus on style-oriented products.
Amazon: Known for its competitive pricing, Amazon launched 'Amazon Haul', a low-cost storefront, further solidifying its position as a favorite among bargain hunters. Its Prime Day event in July also witnessed unprecedented sales figures.
Fast Casual Chains: Chains like Shake Shack and Chipotle benefited from the consumer trend towards fast-casual dining, offering perceived value without sacrificing quality. Cava notably reported a revenue increase of over 33% in the year's first nine months.
Jeans Sellers: The popularity of wide-leg jeans boosted sales across retailers such as Macy's, Levi Strauss, and Gap, with options ranging from affordable to luxury.
McDonald's: McDonald's regained momentum with strategic value deals, including a successful $5 meal offer, overcoming an initial decline in sales early in the year.
Losers
Target: Target faced challenges due to its reliance on non-essential items and its higher price perception. Despite difficulties, the brand managed to attract consumers on Black Friday with exclusive offerings.
Starbucks: Starbucks struggled with complex orders and high prices, exacerbated by internal labor disputes, which hampered its overall performance in 2024.
Legacy Restaurants: Several established restaurant chains filed for Chapter 11 bankruptcy amid intensified competition and changing dining habits, with notable examples including Red Lobster and TGI Fridays.
Big Ticket Items: Retailers dealing in high-priced appliances and home renovations, like Best Buy and Home Depot, experienced a downturn as consumers shifted away from major expenses.
Department Stores: Department stores, particularly those serving middle-income customers, continued to lose ground to online retail and fast-fashion competitors, with Kohl's reporting ongoing sales decline.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2024
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2024
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Per Capita Consumption, By Country, 2018–2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country Of Destination, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country Of Origin, 2012–2024
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2024
- Market Value, 2012–2024
- Consumption, By Country, 2024
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2024
- Production, In Value Terms, 2012–2024
- Production, By Country, 2024
- Production, In Physical Terms, By Country, 2012–2024
- Imports, In Physical Terms, 2012–2024
- Imports, In Value Terms, 2012–2024
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, 2012–2024
- Exports, In Value Terms, 2012–2024
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, 2012–2024
