2024 Retail Predictions

The industry was on edge going into the holiday season – retailers had scaled back inventories, and consumers were feeling positive to spend, though inflation was still a concern and retailers were remaining cautious. Now that results are “in” from the holidays, we’ve sighed collective relief that sales were strong, and spending and personal income rose, as Americans’ confidence in the economy rebounded. Despite the confident start, retailers will need to continue to push for cost efficiency. With the major disruptors of recent years (COVID pandemic, supply chain disruptions, inflation, etc.) softening, now is the time for retail management to excel at the retailing basics. 2024 will be a year to determine the winners of the industry, as those who get it right, and get the most out of the prior years’ investments to their infrastructure and IT stack will expand their margin and share in the market. We assessed retailers who are driving the industry forward, market trends across the globe and our network of industry experts, and we have 5 predictions for the year.