Q1 2023 Consumer Trends Report
Rising interest rates, bank failures, and mass layoffs dominated the news in the first quarter of 2023. How have these and other current events influenced consumer behavior in the United States? We wanted to understand how consumer behavior is changing in terms of where people go, where they eat, and where they shop. To do so, we examined Gravy Visitations data from January 1, 2022 to March 31, 2023, which reflected foot traffic to over 5 million commercial places of interest in 10 different place categories ranging from accommodations to transportation.
Accommodations, which include places like hotels and destination resorts, saw 22% less foot traffic during Q1 2023 than during the same period last year.
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an analysis of key place categories including, but not limited to: