Trends from 1B transactions. Download the 2024 Consumer Trends Report (as seen on The Today Show). Get your copy
Trends from 1B transactions. Download the 2024 Consumer Trends Report (as seen on The Today Show). Get your copy
.png)
We analyzed more than one billion transactions across four spend categories and heard from 7,000+ consumers to illustrate shopping behavior in 2024.
This report breaks down:
Upside’s inaugural Consumer Spend Report was compiled after months of qualitative and quantitative research. Our biggest takeaway: To grow, you must get to know — and ultimately, serve — the uncommitted customer.
Despite positive economic indicators, more than 55% of survey respondents see an economy in decline. As a result, nearly 60% said they’re cutting back their spending, and even more are comparing prices across stores to maximize the value they receive.
.png)
Uncommitted customers have everything they need at their fingertips, and shop around based on their own real-time needs. And they make up the majority of customers. They buy produce at the local grocer, snacks at the convenience store, paper towels at a wholesale club.
The inflationary environment creates an illusion of growth; after adjusting for inflation, revenue and revenue per transaction are actually falling across retail categories. These decreases are driven by cross-shoppers that visit less often and buy less when they do.
.png)
%2520(1).png)
Consumers are becoming more aware of dynamic pricing, where retailers adjust their prices up and down to account for changes in their business. Due to the risks — conflation with widely-disliked “surge pricing,” among others — its rollout in brick-and-mortar retail has been slow. Wider adoption could be on the horizon, though.
Complete the form here for access to Upside’s latest consumer insights.
