Hi, I’m Elizabeth Lafontaine, chief retail analyst here at Retail Leader Pro, and welcome to this week’s Retail Minute.
Welcome back to 2023 in retail, and I’m sure we’re all excited to see what this year has in store for the industry. In my Trend Watch this week, I discussed some of the things on my mind as we enter this new year and what impact they might have on retail and the consumer.
Starting off, we’re finally entering a period of more realistic comparison periods as we look back to early 2022, which can hopefully give us a better understanding and gauge of the health of the industry and the true levels of demand. These more accurate comparisons can help the industry read and react to demand in a more productive way.
Then, there’s the question of channel trends in this upcoming year. After a period of accelerated growth in the ecommerce channel, we might finally see the importance of stores rebound in 2023 as online sales taper off.
Finally, I’m left with the question of what’s on the minds of consumers in the first part of this year. January traditionally breeds new behaviors from consumers, and I'm seeing growth in movements like “dry” January alongside the traditional health and fitness goals. Brands have varied reactions to the yearly health journey by consumers, with some like Equinox going as far as to not accept new members in January. I believe that retailers in brands in the fitness, grocery and CPG markets need to align themselves with the changing needs of their consumers, instead of against them.
Stay tuned this year as we uncover the latest trends that you need to know in 2023, and from all of us at Retail Leader Pro, have a great weekend and we will see you next week.