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A “Swift” Recovery: Retail Trends to Watch in ’24

Economic uplift from Taylor Swift tour among events offering insights into next year’s opportunities.

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A “Swift” Recovery: Retail Trends to Watch in ’24
PHOTOGRAPHY: Ogulcan Aksoy/iStock.com

The year that’s ending was a tumultuous one for retailers (and others), as inflation, high interest rates and general economic headwinds continued constraining consumer behavior. Still, 2023 also revealed many bright spots across a variety of consumer-facing sectors, from retail to dining to advertisement to entertainment.

Many of these developments, in turn are likely to shape the wider consumer landscape in the coming year, Placer.ai reports in its latest white paper, “8 Retail Trends to Watch in 2024.”

“The retail lift from Taylor Swift’s Eras Tour revealed the appetite for socializing-based entertainment, while the pull of Coach [Deion] Sanders revitalizing the football program at Colorado showed that college football can also create major retail opportunities,” the report notes. “The popularity of second-hand apparel highlighted the promise of eco- and budget-friendly retail concepts.

“Placemaking in retail and real estate, along with the success of experiential dining and entertainment concepts, emphasized the power of investing in consumer engagement. Consolidation helped certain grocery companies reach new audiences, while expansion helped dining brands solidify their standing in key growth markets.

“Retail media networks continued gaining momentum. And the impact of COVID continued receding in certain critical areas.”

Click here to register to download a copy of the report, which does a deep dive into how those events and trends will shape 2024 for retailers.

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Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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