New Year, New Shopping Patterns?
We may finally begin to see less volatile swings in consumer sentiment, but we still face large economic headwinds in 2023.
Happy New Year! As we ring in the new year in retail, a blank slate lays ahead for 2023 — both for consumers and banners across the industry. As we enter another year in the post-pandemic world for the consumer, we may finally begin to see less volatile swings in consumer sentiment. But, we still face large economic headwinds in 2023. Here are some things I’m interested in tracking this January, which may lead to some long-term themes we see emerge throughout 2023:
- We finally are entering a period of more stable performance comps, with a cooling-off period that began for retail in 2022. As we always look to benchmark ourselves against the previous year, we’re finally beyond the high-flying growth of 2021 and the final stimulus injections, which may help us to more accurately predict demand and consumer behavior.
- What will the balance of sales be between e-commerce and brick-and-mortar stores? Will the convenience of online shopping continue throughout the first few months of the year or will stores continue to find their footing in a new normal for consumers?
- How much will consumers focus on New Year’s resolutions in 2023? With “Dry January,” losing weight and saving money all usually on the list for consumers, how can retailers, specifically in grocery, help shoppers meet their goals without consuming less?