Retail foot traffic on healthy path
May 29, 2023
Foot traffic has increased when it comes to retail locations as consumers are prioritizing shopping when it comes to discretionary spending.
That’s a top finding from the Q1 Consumer Trends Report released by Gravy Analytics, which provides enterprise location intelligence.
The research data comes at a time when U.S. economic growth in the first three months of 2023 was faster than expected, according to a CNN report.
The Gravy Analytics report analyzed foot traffic data from Q1 2022 to Q1 2023 to assess how consumer behavior is changing across industries, according to a press release.
“Insights from the Q1 2023 report indicate that consumers are finding room in their budgets for shopping, though prioritizing more affordable retailers, and dining out with their families across a variety of restaurant types,” Jeff White, founder and CEO of Gravy Analytics, said in the release. “However, consumers are being more selective with their budget when it comes to spending on accommodations, possibly due to ongoing concerns over travel disruptions, rising gas prices and increased hotel rates.”