In 2024, consumers in the United States adjusted their shopping and eating habits, facing pressure from high housing and food costs. This shift redefined economic priorities and transformed the retail and restaurant landscape.
The Rise of Affordable Options
Stores like Walmart and Aldi experienced a surge in customers, even among upper-income consumers who traditionally shopped in other markets. Meanwhile, the fast food and casual dining sector, such as Shake Shack and Cava, gained ground, offering affordable alternatives amid inflation.
Amazon, for its part, strengthened its position with strategies aimed at savings, such as the launch of Amazon Haul, a platform with products at low prices. This approach achieved record sales in events such as Prime Day, but the e-commerce giant could face future challenges due to labor tensions and possible tariffs.
Struggling Industries
On the other hand, sectors such as department stores and traditional restaurants faced significant declines. Chains such as Red Lobster and TGI Fridays declared bankruptcy, unable to adapt to increasing competition and changing consumption patterns. Likewise, companies such as Best Buy and Home Depot suffered from declining demand for remodeling and big-ticket items.
In fashion, although wide-leg jeans drove sales at several brands, other chains such as Kohl‘s faced challenges due to poor business decisions and the public’s preference for fast-fashion stores or online platforms.
A Challenging Year for Established Brands with Consumers
Companies such as Starbucks and McDonald‘s had to adapt quickly to retain their customers. While McDonald‘s reversed an initial rough patch with an economical menu strategy, Starbucks faced criticism for high prices and long lines caused by custom orders, coupled with labor strikes that affected its performance.
The year made it clear that consumers are redefining how and where they spend their money. This search for value, combined with a shift in preferences, will continue to shape the direction of retail and food in 2025.
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