Colliers is predicting a slowdown in consumer spending in 2024, with overall growth slower than in 2023, according to its Spring 2024 Retail Report.
Anjee Solanki, National Director, Retail Services & Practice Groups, US, said this could have a profound impact on retailer strategies, as consumers are likely to form resiliency by being judicious with their spending dollars.
"Other factors may come into play as household incomes fluctuate and the aging population—baby boomers and retirees—maintain their spending habits despite higher interest rates," Solanki said in prepared remarks.
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