It’s always interesting to look at shopper behavior post-holiday, when we analyze the retail data from the first quarter of the year. What new retail trends will we unearth? What will early results tell us about the rest of the year?
Already, Q1 shopping data is revealing some unexpected twists. We were anticipating interest rate cuts, but now that inflation is stickier, that’s unlikely. Following the Francis Scott Key Bridge collapse in Maryland, shipping timelines and costs are still uncertain. Geopolitical instability could send crude oil costs higher, which would put more pressure on inflation. All of this means we believe the pressure of 2022 and 2023 will continue through 2024.
Based on our Shopping Index data for the first quarter of this year, shoppers remain cautious and are pulling back on spending, likely to save for big shopping moments later on (if they follow their pattern from 2023).
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