Blog

  

Q2 2024 Retail Insights from RetSci & Planalytics

Retailers have now finished reporting on the second quarter of 2024 (May, June, and July). Overall, core retail performance was positive year-over-year, as the National Retail Federation reported. While inflation levels are declining, overall costs remain elevated, and value-based purchasing remains a focus for many consumers. When consumers are shopping based on value, they are more often making purchases that are based on “need.” Weather is the largest external driver of need. In fact, no other outside variable impacts consumer demand as frequently, directly, and meaningfully as changes in the weather. 

The second quarter of 2024 was the 5th warmest in 130 years, was wetter than normal, and featured nine unique ‘billion dollar’ weather events that disrupted consumer purchasing behaviors. On a year-over-year basis, weather-driven demand (the specific impact of weather on consumer spending) was higher in 2024 vs 2023 on a national level. While there were regional and temporal changes, many seasonal categories experienced up to a 10% increase in demand solely due to the weather.  Businesses that planned for these weather-driven opportunities were able to ensure they had inventory when and where consumers were shopping. 

See details in our infographic below, and please contact RetSci or Planalytics for more information.