March Retail Sales Get Short-Lived Boost From Early Easter Holiday, Reports Circana
April 18 2024 - 4:58PM
CHICAGO, April 18, 2024 — In March 2024, U.S. retail sales revenue
and unit demand, including both discretionary general merchandise
and consumer packaged goods (CPG), grew 2% compared to the same
month last year. However, retail sales during the week ending April
6, 2024 declined across all retail segments when compared to the
week of Easter 2023, according to Circana™, the leading
advisor on the complexity of consumer behavior.
“Despite the appearance of sales volatility in week-to-week
sales trends created by shifts in the calendar, the consumer
spending behaviors are stabilizing,” said Marshal Cohen, chief
retail industry advisor for Circana. “As consumers have become even
more committed to buying for the here and now, it is the shifts in
broader seasonal demand patterns that warrant attention.”
The expanded view of the Easter shopping season, spanning the
week before and the week after, reveals a retail sales peak that
fell short across all major retail segments. Retail holiday
shopping peaks have been flattening for the past couple of years,
and each of the retail mini-holidays so far this year are following
the same pattern. Beyond shifts in timing, the type of spending
taking place for these mini-holidays and seasonal events is
changing, as well. Apparel sales are just one example, not getting
the traditional Easter bump this year as spring assortments make an
appearance. Prestige beauty was the only discretionary industry
with positive revenue performance during the expanded Easter
comparison period.
“Current retail purchase patterns are being led by the consumer.
They are more focused on buying based on what they value in the
moment, be it personal cravings, financial concerns, or the
weather, rather than being guided by seasonal trends and
traditional habits,” added Cohen. “Whether it is a true change
in behavior or a short-term reaction, manufacturers and retailers
need to decide how, or if, they want to chase today’s value-driven
consumer.”
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About Circana
Circana is the leading advisor on the complexity of consumer
behavior. Through unparalleled technology, advanced analytics,
cross-industry data and deep expertise, we provide clarity that
helps almost 7,000 of the world’s leading brands and retailers take
action and unlock business growth. We understand more about the
complete consumer, the complete store and the complete wallet, so
our clients can go beyond the data to apply insights, ignite
innovation, meet consumer demand and outpace the competition. Learn
more at www.circana.com.
- U.S. Retail Sales by Segment
Janine Marshall
Circana
516-625-2356
janine.marshall@circana.com