–News Direct–
Data from Consumer Edge (CE), a provider of global consumer data-driven insights, uncovers winners and losers across the globe in H2 2023. The report reveals which key industries experienced gains across the US, UK and EU. Notably, the most discretionary categories such as luxury and department stores were absent from the list. Online retailers, pet products/services, discount/club stores, ground transportation, health products/services grocery and limited-service restaurants were the only industries that grew sales across all geographies.
In reviewing our global spending data, the CE Insight Center uncovers winners and losers among key industries during the second half of 2023, said Michael Gunther, Vice President and Head of Insights at Consumer Edge. These takeaways highlight shifts in consumer behavior and can help companies develop specific themes and targets for 2024.
Online retailers stood out on the upside, as growth accelerated into H2 following a solid performance in the beginning of the year.
Luxury: Consumer spending on luxury items declined across all three geographies.
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As inflation continues to squeeze real incomes and aspirational shoppers pull back on particularly pricey items, luxury became the worst performer out of all the industries in the US and UK and the second worst in the EU (second only to travel).
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This decreased appetite for direct-to-consumer luxury spilled over into the full-price department store space across the globe.
Apparel, Accessories and Footwear posted mixed results, as strength in fast fashion offset softness in the other categories.
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Consumer spending at fast fashion brands grew in the US, UK and EU, as the challenging macroeconomic environment and strained budgets generated increased interest in more affordable items.
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Consumer spend growth was negative globally for the higher-ticket womens apparel/accessories sub-industry.
Restaurant spending growth decelerated from H1 to H2, although both full-service and limited-service ended 2023 on a positive note.
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The average check increased compared to 2022 as food and labor inflation persists.
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Consumers visited limited-service restaurants more in 2023 than in 2022, but trips declined for their full-service peers, reflecting an environment of strained consumer budgets and trade-down behavior.
Home and Garden sales in the US declined in H2 2023 as high mortgage rates and limited supply continued to pressure housing market activity.
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Sales increased modestly in the UK and EU, although growth softened versus H1 2023, consistent with many other areas of the consumer economy.
Brands can identify impactful shifts in consumer behavior and new emerging trends by reviewing transaction data, Gunther said. By leveraging this data, companies can make more informed data-backed business decisions in the year ahead.
Insights Methodology
The Consumer Edge Insight Center (CEIC) provides timely insight into global spending trends for consumer industries and individual brands built from transaction data across the US, UK and Continental Europe.
About Consumer Edge
Consumer Edge (CE) provides data-driven insights focused on the global consumer. Founded in 2009 by CEO Bill Pecoriello, CE is a data and insights as a service (IaaS) company delivering unparalleled views into global consumer spending behavior coupled with deep industry knowledge and analytical expertise. CE solutions provide key stakeholders across the corporate and investment landscapes with best-in-class tools to enable enhanced strategic decision-making. CEs unique capabilities allow for actionable insights driven by near real-time market intelligence and benchmarking at the brand, sub-industry and industry levels. For more information visit consumer-edge.com.
Contact Details
Kite Hill PR for Consumer Edge
+1 724-787-1565
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/consumer-edge-data-reveals-most-verticals-achieved-positive-global-growth-in-h2-2023-190894203
Consumer Edge
COMTEX_446394505/2655/2024-01-16T08:03:55
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Current Hue journalist was involved in the writing and production of this article.