In 2023, the economy faced challenges such as inflation and high interest rates that hindered consumer behavior. Despite this, there were several positive developments in various consumer-facing industries like retail, dining, advertising and entertainment. These developments are expected to have a significant impact on the overall consumer landscape in 2024.
For instance, Placer.ai’s report highlights how Taylor Swift’s Eras Tour boosted retail sales by showcasing the demand for social-based entertainment. Additionally, Coach Deion Sanders’ popularity demonstrated that college football can also create lucrative opportunities for retailers.
The rise of second-hand apparel highlighted the potential of eco-friendly and budget-conscious retail concepts. The success of experiential dining and entertainment further emphasized the importance of investing in engaging consumers through unique experiences.
Placer.ai’s latest white paper titled “8 Retail Trends to Watch in 2024” delves into these trends along with others that influenced local and regional retail markets over the past year. For example, Michaels saw an increase in foot traffic thanks to fans purchasing materials for friendship bracelets before attending concerts during Taylor Swift’s Eras Tour.
This post discusses upcoming trends likely to shape 2024 within the retail industry without mentioning any specific companies or brands associated with Connect CRE.
