State of US Retail and eCommerce Market Report 2024
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Stay ahead of the curve and secure future growth for your business with Mintel’s State of Retail and eCommerce Market Report. The report provides a data-led understanding of the current retail industry and opportunities for brands to appeal to US consumers.
Nearly four years after the onset of the pandemic, the retail industry has stabilized and is now positioned from a place of strength. Inflation, having been the primary influencing factor last year, continues to pose a threat to retailers, as two thirds of consumers remain concerned about its lingering effects. Despite this concern, consumer confidence has rebounded alongside cooling inflation, indicating a readiness for what lies ahead in the industry.
The market has displayed resilience in the face of various challenges and is anticipated to achieve a sales gain of nearly 3% this year. Consumers’ value-centric mindset is expected to persist, with a broader definition of value taking shape – they are increasingly considering a retailer’s total value proposition beyond just prices. The top driver of retailer preference is high-quality products, with 67% of adults agreeing. Consumers are unwilling to compromise on quality to save money.
Looking ahead, retailers have significant opportunities to advance their operations by focusing on omnichannel strategies, potentially involving further digitization of the in-store experience; refining service components online; leveraging data, notably from artificial intelligence, to enhance hyperpersonalization; and optimizing fulfillment processes while exploring new revenue streams.
Readers may also be interested to view our US Winter Holiday Shopping Market Report.
This Report covers key trends in retail, inclusive of ecommerce, as well as the macroeconomic and other external factors impacting the industry. Consumer attitudes toward shopping, shopping behaviors and retailer/brand opportunities are discussed. This Report builds on the analysis from Mintel’s State of Retail & eCommerce – US, 2023.
The Market: based on US Census Bureau, Annual/Monthly Retail Trade Survey; Bureau of Economic Analysis; forecast developed by Mintel
Discover deep industry insights with our expert’s data-backed analysis of the retail industry, offered in this report.
All indications signal a post-pandemic resurgence, alleviating inflationary pressures and ushering in a year of exploration, discovery, and AI progress.
Diana Smith
Associate Director, Retail & eCommerce
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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