The retail sector in 2024 outperformed 2023, with visits increasing during most months last year, according to an analysis by Placer.ai. The sector’s performance indicates a promising foundation for the new year, the firm said.
Sporadic gaps in visits during 2024 can be attributed to extraneous circumstances rather than a consumer slowdown. For example, the year’s largest year-over-year retail visit gap was in January and was tied to severe winter weather across large areas of the country. Calendar shifts created visit drops in April due to the timing of Easter and September and December, which both had one less Saturday than in 2023, the analysis said.
Overall, retail visits were up 0.4% for the year, signaling sustained consumer resiliency that could continue into 2025 and gain momentum if inflation maintains its cooling trend, the firm said.
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