Don Unser and Marshal Cohen discuss the importance of looking across aisles and beyond industry lines at Growth Summit 2023

Consumer demand is declining across nearly every U.S. discretionary general merchandise and consumer packaged goods (CPG) industry, even as elevated prices recede from peak levels. At the Growth Summit 2023, presented by Circana, formerly IRI and The NPD Group, Don Unser and Marshal Cohen look below the surface of current retail performance in this $2.9 trillion market, exploring the possibilities for repositioning retail in the year ahead.

Indicators of change to learn from

• There is an expanded competitive landscape for consumer spending. Discretionary general merchandise purchases are now being challenged not only by alternatives within respective industries, but also by elevated CPG prices.
• Last year brought a new holiday shopping cadence to retailing in the U.S. The fourth quarter 2022 holiday shopping season’s peak week happened later than ever and secondary retail shopping peaks for holidays, like Valentine’s Day and Easter are not reaching the same heights.
• Shifts in industry performance illustrate purchase prioritization. Many peak pandemic performers, like technology, are among the most challenged industries, while those, like beauty, that support the consumer’s investment in themselves are faring better.

About Circana

Circana is the leading advisor on the complexity of consumer behavior. Through unparalleled technology, advanced analytics, cross-industry data and deep expertise, we provide clarity that helps almost 7,000 of the world’s leading brands and retailers take action and unlock business growth. We understand more about the complete consumer, the complete store, and the complete wallet so our clients can go beyond the data to apply insights, ignite innovation, meet consumer demand and outpace the competition.