{"id":56465,"date":"2024-06-21T00:06:23","date_gmt":"2024-06-21T00:06:23","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/06\/21\/may-retail-sales-reveal-early-signs-of-spending-stabilization-reports-circana\/"},"modified":"2024-06-21T00:06:23","modified_gmt":"2024-06-21T00:06:23","slug":"may-retail-sales-reveal-early-signs-of-spending-stabilization-reports-circana","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/may-retail-sales-reveal-early-signs-of-spending-stabilization-reports-circana\/","title":{"rendered":"May Retail Sales Reveal Early Signs of Spending Stabilization, Reports Circana"},"content":{"rendered":"
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Pockets of growth vary, but promotions are resonating with consumers as their needs change<\/em><\/p>\n

CHICAGO, June 20, 2024 (GLOBE NEWSWIRE) — CHICAGO, June 20, 2024 \u2014 In May 2024, U.S. retail sales, including both discretionary general merchandise and consumer packaged goods (CPG), changed very little compared to last year\u2019s performance. During this period, spanning the four weeks ending June 1, 2024, revenue grew 1% and unit demand remained level with the same time last year. Consumers have adjusted their spending behavior and price pressures are moderating, making it easier for them to make purchases they have been delaying, according to Circana<\/a>™, the leading advisor on the complexity of consumer behavior.\u00a0\u00a0<\/p>\n

\u201cThe road to retail stability will be a bumpy one, as changes associated with seasonality combined with extreme year-over-year sales comps will bring more spending shifts for marketers to navigate,\u201d said Marshal Cohen, chief retail industry advisor for Circana<\/a>. \u201cThe good news is that if the price is right, the consumer will bite.\u201d\u00a0<\/p>\n

A recent consumer survey showed 40% purchased immediately instead of delaying, because there was a discount offer. More than 8 in 10 consumers say they will buy a product now if the current price is a good deal compared to typical pricing; urgent need for a product ranked second.<\/p>\n

Amid all of these shifts, consumers aged 55 and older have consistently demonstrated their overall spending strength and continue be the only age group to increase their spending on discretionary general merchandise. Average monthly spending among this age group is up 4% in the first four months of 2024, with the largest retail sales revenue growth occurring in the home improvement, apparel, auto aftermarket, and prestige beauty industries. All other age groups combined declined 2%. Gen Z and younger Millennials are really feeling the growing financial pressure, and the impact on their spending ability is apparent.<\/p>\n

\u201cManufacturers and retailers need to think hard about who they are targeting and strike the right balance,\u201d added Cohen. \u201cPaying attention to what different consumer groups value most in the moment, and acting on those opportunities before the moment passes, is critical to growth in the current retail environment.\u201d<\/p>\n

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About Circana<\/b>\u00a0
Circana is a leading advisor on the complexity of consumer behavior. Through superior technology, advanced analytics, cross-industry data, and deep expertise, we provide clarity that helps almost 7,000 of the world\u2019s leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store and the complete wallet, so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand, and outpace the competition. Learn more at www.circana.com<\/a>.\u00a0<\/p>\n

Contact:<\/b>\u00a0
Janine Marshall\u00a0
janine.marshall@circana.com\u00a0<\/p>\n

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