What are the surprising shifts in consumer behavior shaping retail in 2024

In 2024, consumers in the U.S. focused on value while shopping due to high prices for housing and food. Discount retailers like Walmart and Aldi gained popularity, while dining shifted towards fast food and home cooking. Department stores faced struggles as shoppers preferred online and lower-priced options. Coresight Research reported 48 retail bankruptcies and 22 restaurant chain bankruptcies. Walmart expanded online services and product offerings to appeal to various income levels. Amazon launched Amazon Haul for budget-conscious shoppers amid potential challenges from tariffs. Successful restaurant chains provided value-focused meals, while others faced scrutiny or adapted offerings. McDonald's revitalized interest with a $5 meal deal. Target struggled with discretionary items and pricing perceptions, while Starbucks dealt with operational challenges. Retailers like Best Buy, Home Depot, and Kohl’s reported declines in sales. Several chains closed stores or reorganized under new ownership, with department stores struggling to retain customers in the face of growing online shopping. Nordstrom performed well, attributed to its Nordstrom Rack stores.

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