High inflation and rising interest rates took their toll on consumer spending this year, though there were some spending trends that stand out more than others. Placer.ai Head of Analytical Research R.J. Hottovy says there are a few retail trends that will carry into 2024.
One is experiential spending, saying "experiences were one of the key categories of growth last year... the halo effect that that had on the retailers was absolutely phenomenal," using the Taylor Swift "The Eras Tour" and the "Barbenheimer" phenomenon as examples. He adds that the trend has extended to restaurants as well, with people seeking new dining experiences.
Another trend Hottovy is watching is the shift from urban to suburban as return to office starts to stall. The trend is most notable among restaurants, with companies such as Cava (CAVA) and Chipotle (CMG) opening more suburban locations.
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