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Pharmacies have weathered a challenging landscape in recent years, marked by shrinking drug margins, rising costs, and heightened competition from online retailers. Major industry leaders have had to rethink their strategies in response.
So with CVS Health set to report earnings later this month, we dove into the data to see how visits to the company’s eponymous pharmacy chain fared in Q2 2025. How have CVS’s rightsizing and optimization efforts impacted visitation? And what can location analytics reveal about some of the strategies that may drive further growth for the chain?
We dove into the data to find out.
CVS Pharmacy began 2025 on a high note. Despite hundreds of recent store closures, the chain posted steady year-over-year (YoY) visit growth throughout the first half of 2025, with only February seeing a slight dip due to the leap-year comparison.
In the first quarter of the year, CVS Health’s Pharmacy and Consumer Wellness segment reported an 11.1% jump in revenue – driven in part by a 6.7% rise in same-store prescription volume. This growth was reflected in the chain’s solid Q1 visit numbers – a momentum sustained into Q2 2025, when overall foot traffic rose 2.2% YoY and average visits per location saw an even more impressive 5.0% increase.
CVS's strong visit numbers appear to underscore the success of its rightsizing efforts, which have largely focused on optimizing the pharmacy and healthcare side of the business. In addition to closing hundreds of stores, CVS plans to open several smaller-format, pharmacy-first locations – as well as featuring limited over-the-counter offerings. The drugstore leader is also set to absorb prescription files from 625 closing Rite Aid locations, in addition to acquiring 64 of its physical stores.
CVS's pharmacy-focused strategy comes amid softening demand for its front store business – including items like cosmetics, candy, greeting cards, and other over-the-counter products – which saw a 2.4% revenue decline in Q1 2025. Yet location analytics show that these non-medical offerings remain an important traffic driver for CVS – especially during key retail milestones.
In the first half of 2025, for example, Valentine’s Day (February 14th) was CVS's busiest day of the year to date, registering a 39.2% surge in visits compared to the chain’s year-to-date (YTD) daily average and a 26.3% boost compared to an average Friday. Other holidays, including Mother’s Day and Father’s Day, sparked smaller but still significant upticks, as shoppers stopped by for gifts and cards.
CVS’s 2025 visit numbers suggest the chain is adeptly navigating pharmacy’s choppy waters – staying nimble and capitalizing on opportunities as they arise. Will the pharmacy leader continue to thrive in the months ahead?
Follow Placer.ai/anchor to find out.
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In my last column for The Anchor, I debuted a new quarterly series, entitled “All The Things I Think I Think About Retail Over The Last Quarter.”
Well, another quarter has come and gone, so that means it is time to dust off the shelves and scorecard past predictions as well as to signal what is most top of mind at present.
So, first, the scorecard. Loyal readers of my first column will remember these predictions:
It has only been three months since I put a stake in the ground on all of them, but on the “Nailed It/Too Early To Tell/Dead Wrong” scale, I am feeling pretty darn good about most of the above.
It is way too early to tell on Macy’s, Bloomie’s, and Wayfair. Same goes for Sam’s Club and Sprouts. And, as much as I would like to take a victory lap on these last two especially, the proof will be in the pudding much more down the road. Though I still am feeling like all six will break my way soon.
Finally, I would be remiss if I didn’t mention Kohl’s. Kohl’s is such a dumpster fire (meme stock, anyone?) that the very same above prediction is also likely in play for whomever gets chosen as Ashley Buchanan’s ultimate successor.
All of which leads me to…
Over the last quarter, Costco and Target have been a tale of two retailers. One stood strong on DEI, while the other kowtowed to public pressure. Both companies stated their contrasting positions publicly this past January, and the traffic results speak for themselves..
Costco has emerged unscathed, as predicted, while Target now faces concerns that it could become the next Kmart or Sears (and for a whole host of reasons beyond DEI).
The biggest takeaway for me, however?
No matter your personal opinions on DEI, the most important thing retail executives have to ask themselves is, “What matters most to our brand?”
Target and Brian Cornell forgot this one important question. They didn’t do their homework, and thereby took their fingers off the pulse of the Target customer, and clearly the customer has been voting with his or her feet.
It will likely take a regime change with a clear stated purpose to get them back.
I missed on Starbucks, and, frankly, I am kind of pissed about it. I was thrilled when Starbucks’ new CEO Brian Niccol announced his intentions to enliven the in-store Starbucks experience. His promise of “4 Minutes or Less” wait times and his introduction of ceramic mugs had me at Frappuccino.
But then something interesting happened on the way to the coffee roaster.
First, few, if any, baristas have ever offered me a ceramic mug at checkout. Plus, the experience of drinking my coffee in said ceramic mug actually adds more friction to the overall Starbucks’ experience because you still have to go back and wait in line to take your coffee to go.
Second, the wait time promise has also fallen flat. When Niccol first made the announcement, I would go into Starbucks, order at the counter, track the wait time on my phone, and, without fail, get served my coffee in under four minutes. I even proudly shared my improved wait time experiences on social media.
I bought into Brian Niccol’s java-flavored Kool-Aid hook, line, and sinker, but, as much it pains me to admit it, I also forgot one important axiom of retailing – never judge anything out-of-the-gate (which, side note, is also why, in contrast, I have not jumped on the Richard Dickson at Gap Inc. bandwagon yet, too).
Any initial promise for Starbucks in Q1 was quickly overshadowed by Starbucks’ Q2 results. Starbucks same-store sales fell for the fifth straight quarter, with U.S. same-store sales down 2%.
Shame on me. I should have known better.
When running stores, it is easy to get store teams behind anything for a short period of time. I simply made the call too early and now worry the pendulum may be swinging back entirely. Part and parcel, people appear to be spending less time, not more time, in Starbucks since the regime change, which doesn’t bode well.
Any Kool-Aid drinking, whether it be for Niccol, for Dickson, or, as Target CEO Brian Cornell has received during his tenure, should always be reserved until one is sure that results are sustainable.
For more data-driven retail insights, visit placer.ai/anchor
The coffee space has become increasingly competitive in recent years. And while traffic to the segment is up, the growth of small and medium sized chains may be coming at the expense of Starbucks. Visits to the reigning coffee giant were down slightly (0.1%) YoY in Q2 2025 while average visits per location declined 4.2% in the same period.
Still, these trends mark an improvement compared to last quarter, when YoY visits and average visits per venue were down 0.9% and 5.4%, respectively – suggesting that the company's "Back to Starbucks" strategy and recent menu innovations are beginning to drive a turnaround.
Meanwhile, Dunkin' – the second-largest coffee chain in the country – is seeing modest growth, with overall visits and average visits per venue up 1.7% and 0.3% YoY, respectively, in Q2 2025. Like Starbucks, Dunkin' showed improvement in Q2 2025 compared to Q1 2025 – perhaps an early sign of strengthening consumer confidence.
But while broader market forces may have helped, Dunkin's Q2 2025 turnaround may also be attributed to the chain's promotional efforts – including a new ad campaign to promote the chain's $6 Meal Deals. As value continues to drive consumer decision-making, Dunkin's emphasis on affordable bundles positions it well to maintain its visit share despite the growing competition in the space.
Dutch Bros, one of the fastest growing coffee brands in recent years, maintained its momentum in Q2 2025, as coffee chains betting on small-format, largely drive-thru locations – including 7Brew, PJ's Coffee, Biggby, and Foxtail – continue to resonate with consumers.
Overall visits to the Oregon-based chain grew 13.8% YoY alongside a 0.8% increase in average visits per venue – indicating that the chain's ongoing expansion is not cannibalizing traffic from existing venues. This bodes well for the brand as it continues its aggressive expansion – 2,029 stores by 2029.
As we look to the second half of 2025, the coffee sector will be characterized by the distinct strategies of its key players. Dutch Bros' aggressive expansion will continue to challenge the incumbents on a local level, while Dunkin's focus on value will likely remain a key advantage with budget-conscious consumers. The ultimate test will be for Starbucks, as the industry leader's ability to translate its strategic innovations into sustained visit growth will determine its capacity to defend its market share.
For more data-driven dining insights, visit placer.ai/anchor.
Shake Shack traffic increased an impressive 13.7% year-over-year (YoY) in Q2 2025 while average visits per venue held relatively steady at -1.7% – indicating that the chain's aggressive expansion strategy is capturing new market share without cannibalizing existing locations.
Meanwhile, although Q2 2025 visits to Wingstop were up 3.6%, the chain's average visits per venue declined 6.3% – which may suggest that discretionary dining brands serving lower-income consumers may be experiencing pressure from tightening household budgets.
Analyzing trade area demographic data reveals that Wingstop's captured market has a median household income of $69.5K – significantly lower than Shake Shack's $97.0K. Wingstop's trade area also includes a much higher proportion of households with children.
Wingstop attracts families with tighter budgets who must stretch their dining dollars further, which likely contributed to the decline in average visits per venue during this period of economic uncertainty. Meanwhile, Shake Shack's appeals to higher-income consumers with more discretionary spending power could explain the chain's impressive visit strength despite the ongoing headwinds.
Looking at the change in visit frequency compared to 2024 also suggests that Wingstop is feeling the impact of its visitors' tighter budgets.
Wingstop still maintains a significant advantage in customer loyalty, with 16.8% to 18.1% repeat monthly visitors in H1 2025 compared to Shake Shack's 10.5% to 11.4%. But comparing these numbers to 2024 reveals that Wingstop's share of repeat visitors has declined slightly since 2024, while Shake Shack has posted modest monthly gains throughout H1 2025.
This shift suggests that budget-conscious families may be reducing their regular Wingstop visits to save money, while Shake Shack's strategic expansion is bringing locations closer to customers which could be driving increased repeat visitation.
Despite facing economic headwinds, Wingstop's continued positive visit growth and superior customer loyalty metrics demonstrate the brand's strong fundamentals and deep connection with its core family demographic.
As economic conditions stabilize, Wingstop's established customer base and proven appeal to budget-conscious families positions the chain for a strong rebound, particularly given that families with children represent a large and resilient market segment that will likely return to regular dining patterns when household budgets recover.
Visit Placer.ai/anchor for the latest data-driven dining insights.
Eyewear chain Warby Parker continues to be a disruptor. The glasses chain got its start online and made the pivot to brick-and-mortar in 2013. And while many retailers who made that move have since shifted to other retail formats, Warby Parker is pressing on – the brand has plans to open 45 new locations in 2025 alone and is partnering with Target to open store-in-stores in H2 2025.
The chain's ongoing expansion drove year-over-year (YoY) visit increases for all months of 2025 so far. Average visits per location showed more variance – average visits per venue declined 2.7% YoY in Q2 2025 – perhaps reflecting the brand's deliberate focus on market penetration and its use of stores as strategic omnichannel touchpoints rather than purely traffic-dependent locations.
Like Warby Parker, footwear brand Allbirds began online before pivoting to physical retail. But Allbirds is now going in a different direction and shrinking rather than expanding its footprint. In March 2024, the company made the strategic decision to shutter about one-third of its store fleet – and the result has been impressive. While overall visits declined YoY by -12.5% in Q2 2025, visits per location surged, increasing by 18.2% in the same period.
Monthly visits followed a similar pattern, with overall visits generally lower than they were in 2024 while visits per location were largely positive – and looking at visits since the beginning of 2025 shows that the YoY overall visit gap has also been narrowing. Visits in January 2025 were 37.1% lower than they were in January 2024, but by June 2025 that visit gap had narrowed to just 15.1%. Meanwhile, average visits per location were elevated by 13.2% YoY in June 2025. This impressive shift highlights that demand for in-store shopping at Allbirds is strong, and the decision to focus on its highest-performing stores has had the intended effect.
Warby Parker and Allbirds have taken divergent approaches to their brick-and-mortar strategy, and both chains are managing to keep things moving forward.
What will H2 look like for these brands? Visit Placer.ai/anchor for the latest data-driven retail insights.
Movie theater visits were up year-over-year in Q2 2025, but traffic generally remains significantly below 2019 levels – with the exception of Cinemark, where visits are almost on par with pre-pandemic levels. We analyzed the data to understand how movie-going behavior has changed since COVID and why Cinemark is staying ahead of the curve.
Movie theater traffic jumped year-over-year (YoY) in Q2 2025 thanks to the release of several successful blockbusters, including A Minecraft Movie, Sinners, Lilo & Stitch, and Mission Impossible: The Final Reckoning.
Still, baseline movie theater attendance remains significantly lower than it was pre-pandemic. And although YoY trends for AMC, Regal, and Cinemark were relatively consistent, comparing these chains' recent visit trends to pre-pandemic traffic reveals major differences in long-term performance.
Between July 2024 and June 2025, visits to the two largest chains – AMC and Regal – were 33.2% and 40.0% lower, respectively, than they were between July 2018 to June 2019. The visits per location gap was slightly narrower – due to rightsizing efforts that consolidated traffic into fewer movie theaters – but the data still indicates that AMC and Regal theaters are generally emptier than they were in 2018-2019.
But bucking the trend is Cinemark, which saw traffic to its flagship Cinemark brand dip just 2.6% compared to pre-COVID, while average visits per location were relatively stable at -0.8%. Thanks to this impressive recovery, Cinemark has significantly strengthened its position in the wider movie theater landscape.
A deeper look at the data confirms Cinemark's success in attracting moviegoers. Cinemark theaters average more visits both per location and per square foot, indicating that their higher visit numbers stem from fuller theaters rather than larger venues or more locations.
But just because Cinemark's visit numbers are relatively aligned with 2018-2019 traffic levels does not mean that the chain has not been impacted by the shift in post-COVID movie-going behavior.
Comparing monthly visits between July 2018-June 2019 and July 2024-June 2025 reveals increased traffic volatility at all three chains, with higher peaks and deeper valleys compared to average monthly baselines. This volatility likely stems from blockbusters playing a more central role in driving movie visits. Fewer consumers now go to movies casually – instead, they save their limited movie budgets for major releases.
The data also shows that all three chains have seen a relative drop in visits to matinee screenings (before 5 PM) along with a relative increase in late-night visits (9 PM to 1 AM) – which could also be consistent with a more intentional and less casual movie-going pattern.
And Cinemark hasn't been immune to these changes. The chain has also experienced similar monthly visit volatility, fewer matinee visits, and more late-night visits – matching the patterns seen at AMC and Regal.
So what is driving Cinemark's success? Some of the answer may lie in its strategic focus on less affluent family audiences. Compared to AMC and Regal, Cinemark attracts visitors from areas with lower median household incomes and higher concentrations of families – a positioning the chain seems to be deliberately cultivating.
Cinemark has built an ecosystem designed for budget-conscious families: their Movie Club membership includes monthly rollover ticket credits and concession discounts, while their Summer Movie Clubhouse offers discounted family packages. Select locations also feature Camp Cinemark auditoriums – screening rooms specifically designed to be child-friendly.
This strategy creates a virtuous cycle. While Cinemark's lower-income audience has tighter entertainment budgets, they're also less likely to have premium home theater setups that compete with the theatrical experience.
When these families do decide to splurge on entertainment, Cinemark's value-oriented approach and family-friendly amenities make it the logical choice – turning occasional visits into a more loyal customer base that sustains traffic even during industry-wide downturns.
While most movie theater chains continue to struggle with significantly lower attendance compared to pre-pandemic levels, the strong YoY performance suggests that the movie theater recovery story is still being written. Cinemark's success demonstrates that chains willing to adapt their strategies to serve underserved audiences can not only survive but thrive in the transformed post-pandemic entertainment landscape.
For more data-driven consumer insights, visit placer.ai/anchor.
1. Elevated visitor frequency could mean that gym-goers are getting more value out of their memberships and are therefore more likely to stay signed up. Between January and March 2025, all of the gym chains analyzed had a higher share of frequent visitors (those who visited about once a week) than in the equivalent month of 2024.
2. Fitness chains at all price tiers need to be strategic about the value they offer and the amenities that can engage budget-conscious consumers. Between Q1 2022 and Q1 2025, the captured trade area median HHI increased for all fitness subsegments – value-priced, mid-range, and high-end – suggesting that consumers swapped pricier gym memberships for more affordable options.
3. Close attention should be paid to how long visitors spend at fitness chains in order to reduce crowding and bottlenecks. Between Q1 2022 and Q1 2025, the average visit length increased at value-priced, mid-range, and high-end gyms. Floorplan and equipment improvements could be considered, as well as having trainers available to help gym-goers streamline workouts.
4. Gyms can use hourly visit data to better serve their members or use promotions to stabilize facility usage throughout the day. In Q1 2025, high-end chains received a larger share of morning visits while value-priced and mid-range fitness chains received larger shares of evening visits.
Like many industries in recent years, the fitness sector has experienced significant shifts in consumer behavior. From the rise in home workouts during the pandemic to the strain of hyper-inflation, foot traffic trends to gyms and health clubs have been as dynamic as the consumers they serve.
This report leverages location analytics to explore the consumer trends driving visitation in the fitness space and provides actionable insights for industry stakeholders.
The pandemic drove several shifts in the fitness space. Widespread gym closures led consumers to embrace home-based workouts, while demand for all things fitness increased due to an emphasis on overall health and wellness. This subsequently drove a renewed interest in gym-based workouts as restrictions lifted – even as some consumers remained committed to their home workout routines.
In Q1 2023, visits to fitness chains surpassed Q1 2019 levels for the first time since the onset of the pandemic, a sign that consumers had recommitted to out-of-home fitness. And in Q1 2024 and Q1 2025, fitness chains saw further growth, climbing to 12.8% and 15.5% above the Q1 2019 baseline, respectively.
Several factors have likely driven consumers’ return to gyms and health clubs, including the desire for both social connection and professional-grade facilities difficult to replicate at home. The steep increase in cost of living has likely also played a role, since consumers cutting back on discretionary spending can enjoy multiple outings and a range of recreational activities at the gym for one monthly fee.
Zooming in on weekly visits to the fitness space in Q1 2025 reveals the industry’s exceptional strength and resilience in the early part of the year.
The fitness industry experienced YoY visit growth nearly every week of Q1 2025 (and 2.4% YoY visit growth overall) with only minor visit gaps the weeks of January 20th, 2025 and February 17th, 2025 – likely due to extreme weather that prevented many Americans from hitting the gym.
And the fitness industry’s weekly visit growth appeared to strengthen throughout the quarter, defying the typical waning of New Year's resolutions. This could indicate that gym visits haven't plateaued and that consumers are demonstrating greater commitment to their fitness routines compared to last year.
Diving into visitation patterns for leading fitness chains highlights how increased visitor frequency drove foot traffic growth in Q1 2025.
Fitness chains tend to receive the most visits during the first months of the year as consumers recommit to health and wellness in their post-holidays New Year’s resolutions. And not only do more people hit the gym – analyzing the data reveals that gym-goers also typically work out more frequently during this period. Zooming in on 2025 so far suggests that consumers are especially committed to their fitness routines this year: Leading gyms saw an increase in the proportion of frequent visitors (4+ times a month) in Q1 2025 compared to the already significant percentage of frequent visitors in the first quarter of 2024.
Elevated visitor frequency could mean that gym-goers are getting more value out of their memberships than last year, and are therefore more likely to stay signed up throughout the year.
At the same time, the data also reveals that – contrary to what may be expected – a fitness chain’s share of frequent visitors appears to be independent of the cost of membership associated with the club: Life Time, a high-end club, and EōS Fitness, a value-priced gym, had the highest shares of frequent visitors between January 2024 and March 2025. This suggests that factors other than cost, such as location convenience, class offerings, community, or individual motivation, might be more influential in driving frequent gym attendance.
Segmenting the fitness industry by membership price tiers – value-priced, mid-range, and high-end – can reveal further insights on current consumer behavior around out-of-home fitness.
In Q1 2025, the captured market* median household income (HHI) was higher than the nationwide median HHI ($79.6K/year) across all price tiers – suggesting that even value-priced fitness chains are attracting a relatively affluent audience. This could indicate that gym memberships are somewhat of a luxury and that consumers from lower-income households gave up their gym memberships altogether as they tightened their purse strings.
Analyzing the historical data since Q1 2022 also reveals that the captured market median HHI has risen consistently over the past couple of years with the largest median HHI increase observed in the captured trade areas of high-end fitness chains. This suggests that middle-income households – that are more sensitive to the rising cost of living – likely swapped pricier gym memberships for more affordable options in recent years.
These metrics indicate that fitness chains at all price tiers need to think strategically about the value they offer and the amenities that can engage budget-conscious consumers who are carefully weighing every expenditure.
*Captured trade area is obtained by weighting the census block groups (CBGs) from which the chain draws its visitors according to their share of visits to the chain and thus reflects the population that visits the chain in practice.
Fitness clubs of all types need to manage their capacity to ensure health and safety standards and a positive experience for members. And understanding the average amount of time visitors spend at the gym can help fitness chains at every price point keep their finger on the pulse of their facilities.
Between Q1 2022 and Q1 2025, the average visit length increased at value-priced, mid-range, and high-end gyms. Value-priced gyms experienced the largest increase in average visit length – from 72.4 minutes in Q1 2022 to 74.0 minutes in Q1 2025 – perhaps due to their relatively lower-income visitors spending more time enjoying club amenities after cutting back on other forms of recreation. Meanwhile, mid-range and high-end gyms experienced relatively modest increases in average visit length, which were higher to begin with – likely due to their ample class and spa offerings and overall inviting, upscale spaces.
Elevated average visit length could mean that visitors are well-engaged and less likely to cancel their memberships. But as overall gym visits are on the rise, fitness chains may want to pay close attention to how long visitors spend at the facility. Floorplan and equipment improvements could be considered in order to reduce bottlenecks, and having trainers available to instruct on equipment usage and workout technique could help gym-goers streamline workouts.
Along with average visit length, understanding the daypart in which they receive the most visits is another way that fitness chains can improve efficiency and prevent overcrowding. And analysis of the hourly visits to fitness sub-segments revealed that some fitness segments receive more morning visits while others are more popular in the evenings.
In Q1 2025, high-end chains received a larger share of visits between 6 a.m. and 9 a.m. (19.7%) than value-priced and mid-range fitness chains (11.6% and 11.8%, respectively). Meanwhile, value-priced and mid-range fitness chains received larger shares of visits between 6 p.m. and 9 p.m. (21.9% and 22.2%) than high-end chains (16.5%).
Gyms can leverage this data to better serve members, for instance by scheduling more classes during peak hours. Value-priced and mid-range gyms, which saw a larger disparity between shares of morning and evening visits in Q1 2025, might also consider incentivizing off-peak usage through discounted morning memberships or early-bird snack bar deals.
The fitness space appears to be in good shape in 2025. Visits have made a full recovery from the pandemic era and still continue to grow, indicating strong consumer demand for out-of-home workouts. And using location intelligence to analyze the behavior and demographics of visitors to gyms at different price points can help identify opportunities for driving even greater success.
1. Idaho and South Carolina have emerged as significant domestic migration magnets over the past four years. Between January 2021 and 2025, both states gained over 3.0% of their populations through domestic migration. Other Mountain and Sun Belt states – including Nevada, Montana, and Florida – also drew significant inflow, while California, New York, and Illinois experienced the greatest outmigration.
2. Interstate migration cooled noticeably in 2024. During the 12-month period ending January 2025, California, New York and Illinois saw their outflows slow dramatically, while domestic migration hotspots like Georgia, Texas, and Florida saw inflows flatten to zero. A similar cooling trend emerged on a CBSA level.
3. Still, some states continued to see notable relocation activity over the past year. In 2024, Idaho, South Carolina, and North Dakota drew the most relocators relative to their populations. And among the nation’s ten largest states, North Carolina led with an inflow of 0.4%.
4. Phoenix remained a rare bright spot among the nation’s ten largest metro areas. The CBSA was the only major analyzed hub to maintain positive net domestic migration through 2024.
Over the past several years, the United States has experienced significant domestic migration shifts, driven by factors like remote work, housing affordability, and regional economic opportunities. As some areas reap the benefits of population inflows, others grapple with outflows tied to higher living costs and evolving workplace dynamics.
This report dives into the location analytics to explore where Americans have moved since 2021 – and how these patterns began to change in 2024.
Since 2021, Americans have flocked toward warmer climates, expansive natural scenery, and more affordable housing options – particularly in the Mountain and Sun Belt states.
Between January 2021 and January 2025, South Carolina led the nation in positive net domestic migration – drawing an influx of newcomers equivalent to 3.6% of its January 2025 population. (This metric is referred to as a state’s “net migrated percent of population.”) Next in line was Idaho with a 3.4% net migrated percent of population, followed by Nevada, (2.8%), Montana (2.8%), Florida (2.1%), South Dakota (2.1%), Wyoming (2.0%), North Carolina (2.0%), and Tennessee (1.9%). Texas saw positive net migration of just 0.9% during the same period. However, the Lone Star State’s large overall population means a substantial number of newcomers in absolute terms.
Meanwhile, California (-2.2%), New York (-2.1%), and Illinois (-1.9%) experienced the greatest outflows relative to their populations. This exodus was driven largely by soaring housing costs and the rise of remote work, which lowered barriers to moving out of high-priced areas.
Between January 2024 and January 2025, many of the same broad patterns persisted, but at a more moderate clip – suggesting a stabilization of domestic migration nationwide. This leveling off could reflect factors such as rising mortgage interest rates, which dampened home buying and selling, as well as the increased push for employees to return to the office.
Still, South Carolina (+0.6%) and Idaho (+0.6%) remained among the top inflow states. The two hotspots were joined – and slightly surpassed – by North Dakota (+0.8%), where even modest waves of newcomers make a big impact due to the state’s lower population base. A wealth of affordable housing and a strong job market have positioned North Dakota as a particularly attractive destination for U.S. relocators in recent years. And Microsoft and Amazon’s establishment of major presences around Fargo has strengthened the region’s economy.
Meanwhile, California (-0.3%), New York (-0.2%), and Illinois (-0.1%) continued to post negative net migration, but at a markedly slower rate than in prior years. And notably, several states that had been struggling with outflow, such as Michigan, Minnesota, Virginia, Ohio, and Oregon, began showing minor positive inflow during the same 12-month window. As home affordability erodes in pandemic-era hot spots like the Mountain states and Sun Belt, these areas may emerge as new destinations for Americans seeking lower costs of living.
Zooming in on the ten most populous U.S. states offers an even clearer picture of how domestic migration patterns have stabilized over the past year. The graph below shows a side-by-side comparison of domestic migration patterns during the 36-month period ending January 2024 and the 12-month period ending January 2025.
California, New York, and Illinois saw population outflows slow dramatically during the 12 months ending January 2025 – while domestic migration magnets such as Georgia, Texas, and Florida saw inflow flatten to zero. Meanwhile, Ohio, Michigan, and Pennsylvania flipped from slightly negative to slightly positive net migration – incremental upticks that could signal a possible turnaround.
The only “Big Ten” pandemic-era migration magnet to maintain strong inflow in 2024 was North Carolina – which saw a 0.4% influx in 2024 as a result of interstate moves.
A closer look at the top four states receiving outmigration from California and New York (October 2020 to October 2024) reveals that residents leaving both states tended to settle in nearby areas or in Florida.
Among those leaving New York, 37.4% ended up in neighboring states – 21.1% moved to New Jersey, 9.2% to Pennsylvania, and 7.1% to Connecticut. But an astonishing 28.8% decamped all the way to the Sunshine State, trading the Northeast’s colder climate for Florida sunshine.
Similarly, 20.1% of California leavers chose to stay nearby, moving to Nevada (11.5%) or Arizona (8.6%). Another 19.1% moved to Texas, and 8.0% moved to Florida, making it the fourth-largest destination for Californians.
Zooming in on CBSA-level data – focusing on the nation’s ten largest metropolitan areas, all with over five million people – reveals a similar picture of slowing domestic migration over the last year.
Los Angeles, New York, Chicago, and Washington, D.C. – four cities that experienced notable population outflows between January 2021 and January 2024 – saw those outflows flatten considerably. For these metros, this leveling-off may serve as a promising sign that the waves of departures seen in recent years may have begun to subside. Conversely, Houston and Dallas, which both welcomed positive net migration between January 2021 and January 2024, registered zero-net domestic migration in 2024. Atlanta, for its part, remained flat in both of the analyzed periods.
In Miami, however, outmigration persisted at a substantial rate. Despite Florida’s overall status as a domestic migration magnet, Miami lost 2.6% of its population to domestic net migration between January 2020 and January 2024 – and another 1.0% between January 2024 and January 2025. As one of Florida’s most expensive housing markets, Miami may be losing some residents to other parts of the state or elsewhere in the region. Meanwhile, Philadelphia, which lost 0.3% of its population to net domestic migration between January 2021 and January 2024, continued losing residents at a slightly faster pace in 2024 – another 0.3% just last year.
Of the ten biggest CBSAs nationwide, only Phoenix continued to see a net domestic migration gain through 2024 (+0.2%). This highlights the CBSA’s continued draw as a (relative) relocation hotspot even in 2024’s cooling market.
Who are the domestic relocators heading to Phoenix?
From October 2020 to October 2024, the top five metro areas sending residents to the Phoenix CBSA each registered median household incomes (HHIs) of $73K to $98K – surpassing Phoenix’s own median of $72K. This suggests that many of those moving in are arriving from wealthier, often more expensive metro areas – for whom even Phoenix’s high-priced market may offer more affordable living.
Overall, domestic migration patterns appear to have cooled in 2024, reflecting economic and societal trends that have slowed the rush from pricey coastal hubs to more affordable regions. Yet states like South Carolina, Idaho, and North Dakota – as well as metro areas like Phoenix – continue to attract new arrivals, paving the way for evolving regional demographics in the years to come.
In today’s retail landscape, consumer behavior is influenced by a multitude of factors, directly impacting the success of products and brands. This report explores the latest trends in value perception, shopping behavior, and media consumption that impact which brands consumers are most likely to engage with – and how.
In the apparel space, consumers continue to prioritize value and unique merchandise.
Analysis of visits to various apparel categories reveals a steady increase in the share of visits going to off-price retailers and thrift stores at the expense of traditional apparel chains.
And the popularity of off-price chains and thrift stores appears to be widespread across multiple audience segments. Analyzing trade area data with the Experian: Mosaic psychographic dataset reveals a clear preference for second-hand retailers among both younger (ages 25-30) and older (51+) consumer segments. Meanwhile, middle-class parents aged 36-45 with teenagers – the “Family Union” segment – are significantly more likely to shop at off-price apparel stores, highlighting their emphasis on buying new, while saving both time and money.
This suggests that the powerful blend of treasure-hunting and deep value, central to both the off-price and thrift experiences, is driving traffic from a variety of audiences, and that other industries could benefit from combining affordability with the allure of unique products.
Diving deeper into the location intelligence for the apparel space further highlights thrift and off-price’s broad appeal – and that a combination of quality and price motivates consumers to visit different retailers.
Between 2019 and 2024, the share of Bloomingdale’s, Saks Fifth Avenue, Neiman Marcus, and Nordstrom visitors that also visited a Goodwill or Ross Dress for Less increased significantly.
And while this could mean that the current economic climate is causing some higher-income consumers to trade down to lower-priced retailers, it could also be that consumers are prioritizing sustainability and seeking value in terms of “bang for their buck” – shopping a combination of retailers depending on the cost versus quality considerations for each purchase.
Consumers increasingly expect to shop on their own terms, opting for a more flexible shopping experience that blurs the lines between traditional retail channels and categories.
Superstores and warehouse stores, for example, often evoke the image of navigating aisle after aisle of nearly every product imaginable – a time-consuming endeavor given the sheer size of their stores. But the latest location intelligence shows that more consumers are turning to these retailers for super-quick shopping trips.
Between 2019 and 2024, the share of visits lasting less than ten minutes at Target, Walmart, BJ’s Wholesale Club, Sam’s Club, and to a lesser extent Costco, rose steadily – perhaps due to increased use of flexible BOPIS (buy online, pick-up in-store) and curbside pick-up options. These stores may also be seeing a rise in consumers popping in to grab just a few items as-needed or to cherry-pick particular deals to complement their larger online shopping orders.
This trend highlights the demand for frictionless store experiences that allow visitors to conveniently shop or pick up orders even at large physical retailers.
And the breaking down of traditional retail silos isn’t limited to big-box chains. Diving into the data for quick service restaurants (QSR), fast casual chains, and grocery stores indicates that more consumers are also looking for new ways to grab a convenient bite.
Since 2019, grocery stores have been claiming an increasingly large share of the midday short visit pie – i.e. visits between 11:00 AM 3:00 PM lasting less than ten minutes – at the expense of QSR chains. This suggests that consumers seeking quick and affordable lunches are increasingly turning to grocery stores to pick up a few items or take advantage of self-service food bars. Notably, the rise in supermarket lunching hasn’t come at the expense of fast-casual restaurants, which have also upped their quick-service games – and have seen a small increase in their share of the quick lunchtime crowd over the past five years.
While some of QSR’s relative decline in short lunchtime visits could be due to discontent with rising fast-food prices, it’s clear that an increasing share of consumers see grocery and fast-casual chains as viable options during the lunch rush.
In 2025, tapping into hot trends and creating viral moments are among the most powerful tools for amplifying promotions and driving foot traffic to physical stores.
Retailers across categories have successfully harnessed the power of pop culture collaborations to generate excitement – and visits – by leaning into trending themes. On October 8th, 2024, for example, Wendy’s launched its epic Krabby Patty Collab, inspired by the beloved SpongeBob franchise. And during the week of the offering, the chain experienced a remarkable 21.5% increase in foot traffic compared to an average week that year.
Similarly, Crumbl – adept at creating buzz through manufactured scarcity – sparked a frenzy with the debut of its exclusive Olivia Rodrigo GUTS cookie. Initially available only at select locations near the artist’s concert venues, the cookie was launched nationwide for a limited time from August 19th to 24th, 2024. This buzz-driven release resulted in a 27.7% traffic surge during the week of the launch, as fans rushed to get a taste of the star-studded treat.
And it’s not just dining chains benefiting from these pop-culture moments. On February 16th, 2025, Bath & Body Works launched a Disney Princess-inspired fragrance line, perfect for fans of Cinderella, Ariel, Belle, Jasmine, Moana, and Tiana. The collaboration resonated, fueling a 23.2% visit spike for the chain.
While tapping into existing pop-culture trends has the ability to drive traffic, so does creating a new one. Analysis of movie theater visits on National Popcorn Day (Sunday, January 19th, 2025) shows how initiating a trend can spur social media engagement and impact in-person traffic to physical retail spaces.
National Popcorn Day was a successful promotional holiday across the movie theater industry in 2025. Both Regal Cinemas and AMC Theatres offered popcorn-based promotions on the day, but Cinemark’s “Bring Your Own Bucket” campaign, in particular, appears to have spurred a significant foot traffic boost during the event.
Visits to Cinemark on National Popcorn Day in 2025 increased 57.5% relative to the Sunday visit average for January and February 2025, as movie-goers showed off their out-of-the-bucket popcorn receptacles on social media. Clearly, by starting a trend that invited creativity and expression, Cinemark was able to amplify the impact of its National Popcorn Day promotion.
Location intelligence illuminates some of the key trends shaping consumer behavior in 2025. The data reveals that value-driven shopping, demand for flexibility across touchpoints, and the power of unique retail moments have the power to drive consumer engagement and the success of retail categories, brands, and products.
