Changes Bubble below the Surface of Steady April Retail Sales, Reports Circana
13 Mayo 2024 - 12:05PM
In April 2024, U.S. retail sales revenue, including both
discretionary general merchandise and consumer packaged goods
(CPG), declined 1% compared to the same month last year. During
this period, spanning the four weeks ending April 27, 2024,
year-over-year unit demand declined 2% across retail
segments. While overall consumer spending levels at retail are
holding relatively steady to recent trends, what consumers are
spending on is changing, according to Circana™, the leading advisor
on the complexity of consumer behavior.
“Retail sales have settled into a pattern of consistency in
overall consumer spending where year-over-year comparisons are
challenged to realize growth, or parity, in some cases, even at the
traditional retail selling peaks,” said Marshal Cohen, chief retail
industry advisor for Circana. “As consumers stabilize their
spending, the competition for their dollars heats up. Marketers
need to leap at the brief windows of opportunity created by
seasonal and socially inspired consumer reprioritization that lie
below the surface.”
In the week ending May 4, 2024, discretionary general
merchandise retail sales revenue fell 4% from the same week last
year, and unit sales declined 1%. Price elevation has created
growing competition between discretionary and non-discretionary
categories as consumers have needed to make financial trade-offs.
Signs of spring are budding, with leisure and performance footwear
and small home comfort appliances driving 5% sales revenue growth
in both footwear and small appliances during the first week of May.
With this renewed consumer focus toward wardrobe and lifestyle
comes new opportunity, but also increased competition for
discretionary categories that have enjoyed enduring growth. As a
result, prestige beauty is navigating recent sales declines that
have occurred rarely over the past few years.
“The current trend of consumer malaise related to purchases is
one that manufacturers and retailers need to set their sights on
resetting in order to return to growth,” added Cohen. “In the
meantime, new opportunities to engage the consumer are making
appearances, but retail must venture beyond traditional thinking to
meet the consumer where they are in those moments, reengaging them
before the growing field of competition does.”
- U.S. Retail Sales Revenue Trend by Week
Janine Marshall
Circana
+1.516.625.0700
janine.marshall@circana.com