How retailers can capture consumers’ hearts, minds, and wallets

During 2023, terms like “inflation” and “recession” riddled the headlines. 

As we move into 2024, the outlook appears more positive for retailers: 2023 holiday season spending was strong, driving a 3.8% rise in sales, with record online shopping over Thanksgiving weekend. Discount shopping continued to be a strong driver of sales with more and more customers focusing on bargain hunting and experiences rather than luxury spending. The combination of shifting consumer shopping trends and an evolving economic climate raises the question—how can retailers effectively connect with consumers when they must fight for every dollar? 

Our report looks at three notable trends:

1. Reimagining customer connection and loyalty in the digital age
2. Refreshing the self-checkout process to reduce losses and improve the customer experience
3. Leveraging GenAI to generate personalized content and create meaningful connections with customers

Contacts

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The authors would like to thank these team members for their contributions :

Carol Cui
Jamie Curran
Anirudh Panuganty
Sylvie Wallin
Karen Xie