The overview: 2022 was a tricky year for retailers to navigate, as rising inflation forced shoppers to make tough spending decisions. While consumer spending on the whole defied pundits’ gloomy projections, some categories outperformed others.
The winners: Unsurprisingly, some of the biggest category winners in 2022 were essentials like food and grocery and pet products. But others, like beauty and travel, speak to the spending power that many households continue to wield.
The losers: Discretionary categories were hit hardest as they struggled to lap a year of relatively strong growth and consumers’ buying power diminished.
The big takeaway: Even with inflation beginning to ease, these spending trends are likely to continue well into 2023 as consumers grow more cost-conscious.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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