Consumer Behavior

Consumers focused on shopping for essentials

Adobe Stock

February 24, 2023

While foot traffic to stores has increased, fewer consumers are visiting entertainment venues and are being more selective about what to purchase, focusing on priority expenses such as groceries versus nonessential items and services.

Those are top findings from a Gravy Analytics' Q4 Consumer Trends Report analyzing foot traffic from Q4 2021 through Q4 2022.

As of Q4 2022, brick-and-mortar stores regained popularity as foot traffic to shopping destinations was 9% higher in Q4 2022 compared to Q4 2021, according to a press release on the findings.

Home building (41%), wholesale (32%), food (22%), pet (10%), and discount stores (8%) all saw higher foot traffic in Q4 2022, compared to the same period the previous year, while visits to sporting goods (-22%), gift (-28%) and department stores (-37%) declined during the same period.

"Insights from our report show that consumers are making careful decisions about their spending and are looking for value much more now than they were a year ago," Jeff White, founder and CEO of Gravy Analytics, said in the release. "As widespread layoffs and economic uncertainty rage on, expect consumers to look for ways to save money on clothing, housewares and other living essentials so long as job security and inflation remain concerns."