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Consumer products M&A update: Q4 2023

American consumer spending in the retail and food services sectors rose 5.6% year over year from December 2022 to December 2023.

Consumer products and retail trends

  • Food and beverage
    The Consumer Price Index (CPI) US city average for food and beverages has steadily risen since July 2020, increasing 2.7% between December 2022 and December 2023.1
  • Vitamins, minerals, and supplements
    According to Google Search Trends, online consumer engagement for vitamins was 2.9% higher in Q4 2023 as compared to Q4 2022.2
  • Multi-unit and consumer services
    Data from Mastercard Incorporated shows restaurant sales increased by 7.8% from the beginning of November 2023 to the end of December 2023.3

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FRED Economic Data, Consumer Price Index for All Urban Consumers: Food and Beverages in U.S. City Average, Assessed January 26, 2024.
Google Trends, 2023 Search Trends – Vitamin (Worldwide). Accessed January 25, 2024.
DNations Restaurant News, Restaurants Finish 2023 On A High Note. Accessed January 25, 2024.

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