Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a Placer.ai account? Log In

Industry Trends – June 2022 Update

by 
Ethan Chernofsky
 on 
June 9, 2022
Industry Trends – June 2022 Update

From Omicron in January to the impact of rising inflation and the systemwide shock driven by rising gas prices, 2022 kicked off with anything but an easy start. Yet, industry-level analysis provides powerful insights into the segments that have been more resistant to these negative effects and the wider trends that could be driving a more significant retail-wide recovery.

The Strong Getting Stronger

At this stage, there are some segments that are seemingly immune to the wider impacts on the retail landscape. The grocery segment, one of the stronger performers since the onset of the pandemic, has continued to see strength both in terms of comparisons to pre-pandemic levels and in a year-over-year comparison. After seeing monthly visits down 3.3% compared to 2019 in March, April and May visits were up 0.7% and 2.7%, respectively.

This indicates that the heaviest impact on grocery spending came in March, driven by the combination of rising gas prices and inflation. But as the initial shock of these forces wears off, visits are rebounding in a substantial way. Even if headwinds like inflation persist, there’s a high likelihood that the grocery sector will continue to thrive as it still offers a more cost-effective avenue to food, and as the sector continues to benefit from the shift to cooking and the wider segment’s success in delighting customers during the pandemic.

A similar trend impacted the superstore segment with visits declining in March from both a year-over-year (YoY) and year-over-three-year (Yo3Y) perspective. And, like grocery, this segment bounced back with significant visit strength in both April and May. Visits were up 6.0% and 3.9% respectively compared to the same period in 2021 and up 3.2% for both months compared to the equivalent months in 2019. 

The clear strength compared to both 2021 and pre-pandemic standards indicates that the segment’s unique offering presents a specific draw. And, like grocery again, there is ample reason to believe that this trend will continue. The ‘one-stop shop’ appeal of superstores is especially powerful in an environment where visitors are looking to limit the amount of time behind the wheel while also seeking out value. And leaders in this segment actively pursuing ways to offset prices only deepens this reality. The continued innovation alongside the effective trend alignment, and steps being taken to build greater loyalty, only increase the conviction that this segment should be well-positioned for an extended period.

2022’s Surprise Continues to Impress

The wider fitness segment was one of the most impressive performers in late 2021 with year-over-three-year visits showing growth by the end of the year. Yet, January, with the rise of Omicron, saw visits down 5.2%. However, the decline was short-lived and the segment has experienced four straight months of growth compared to the equivalent months in 2019, with May seeing a 14.3% increase compared to May 2019. The impact of pent-up demand is likely playing a significant role here, as is the renewed understanding of the critical importance of community within the fitness sector.

End of the Decline?

The home improvement segment, one of the strongest performers throughout the pandemic, has recently seen a more difficult period. Comparisons to the unique peaks of the pandemic period have created a difficult standard to match, especially considering the impact of inflation and rising gas prices on discretionary spending. And all of this taking place during the segment’s normal seasonal peak between March and May was anything but ideal.

Yet, there does appear to be a rebound brewing. After multiple months of month-over-month visits declines, the home improvement space saw visits grow by 20.0% in April and another 44.2% in May. While this still amounted to year over three year declines of 3.8% and 4.6% respectively in those months, the potential for a bounceback in the second half of the year is very promising.

And this wider month-over-month growth was felt across other segments as well. Full-Service restaurants, and even QSR leaders all have seen a similar swell of visits in recent months. For all these segments, month-over-month visits jumped in April and surged even further in May. 

This wider rebound indicates that the initial shock of inflation and rising gas prices is dissipating and consumers are identifying a new balance. This is bringing visits back to sectors that had been disproportionately impacted, and though spending changes are likely to persist as these economic headwinds remain, the impact could be significantly diluted. 

Will the top-performing segments maintain their strength? Can the recoveries continue for harder hit areas? Visit Placer.ai to find out.

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Placer.ai Free
Oops! Something went wrong while submitting the form.
Peeking Behind The Curtain: Movie Theaters in 2023 and Beyond
Diving Into Brick-and-Mortar Eyewear
Getting Into Gear: Exploring The Auto Part Industry
Recapping Valentine’s Day 2024 Foot Traffic Trends
Fitness: A Strong Start to 2024
Dutch Bros. Continues To Percolate Visits
Super Bowl 2024: Placer.ai’s Postgame Foot Traffic Analysis
CAVA & sweetgreen Are On the Rise
Hats Off For Off-Price
Who Is Shopping at Malls?
Drilling Down Into Home Improvement
Walmart, Target, Costco & Superstore Space 2023 Recap
Catching Up With Shake Shack and Wingstop
Something To Chew On: Demographic Shifts at Steakhouse Chains
Placer.ai Office Index: Looking Back at 2023
Recapping RBI & Yum! Brands’ 2023 Foot Traffic Performance
Placer.ai White Paper Recap – January 2024
Who Shops at Anthropologie and Urban Outfitters?
Three Taco Chains to Watch in 2024
Starbucks and Dunkin’: 2023 in Four Data Points
Who Visits CVS and Walgreens?
Fashionably Frugal: Apparel in 2023
Catching Up With Fast Food
The Grocery Sector in 2023: An End-of-Year Recap
3 Mall & Shopping Center Trends for 2024
Bakery Chains Rising To The Top
Placer.ai and Esri Partner to Deliver Geospatial Analytics
Tampa Tourism Trends
Going For The Green: The Changing Dynamics Of Country Clubs
Christmas Day Dining Recap
Major Urban Shopping Districts – Holiday Season Recap
Placer.ai Office Index: December 2023 Recap
Recapping the 2023 Holiday Shopping Season
Placer.ai White Paper Recap – December 2023
7 Retail & Dining Segments to Watch in 2024
Diving Into Holiday Season Favorites
Super Saturday and Christmas Eve Eve: A Winning Combination
3 Budget Grocery Chains Finishing 2023 On a High Note
Making It In America: International Chicken Chains Bring The Heat
Domestic Tourism at a Glance: A Q3 2023 Roundup
Five Pizza Chains On The Rise
Jewelry Brands Taking Advantage of the DTC Opportunity
Secondhand News: Kids' Thrift Shops
Recapping 2023’s Dining M&As
MetLife Stadium Kicks Off Football Season
Placer.ai Office Index: November 2023 Recap
Small Coffee Chains Brewing Big Success
Placer.ai White Paper Recap – November 2023
Thanksgiving Travel 2023 Recap
Checking in With Nike and Lululemon
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023
Placer.ai Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023
Placer.ai Office Index: September 2023 Recap
Placer Mall Index Recap: September 2023
September White Paper Recap
The Consumer Habits of College Students
JCPenney: Rightsizing and Revitalizing
Pent-Up Demand Ahead of October Sales Events
4 Strategies Retailers are Using to Drive Traffic to Their Venues
5 Key Regional Grocery Players Impressing in 2023
Upscale Kitchenware Trending Up
Costco Finds More Room for Growth
Four C-Store Chains Making an A-Grade
National Parks + Outdoor Summer Activities
Diving Into Darden: Summer 2023 Update
The Summer Event Effect
Messi: Massive in Miami
Looking Back on Back to School 2023
The Anchor Recap: August 2023
Placer.ai Office Index: August 2023 Recap
Placer.ai Mall Index: August 2023 Recap