July 2024: Consumers Watch Their Wallets

Consumers exhibited caution with their spending in July. Although there was an increase in sessions for many retailers, this did not translate into higher sales, with order volumes remaining flat. Overall, U.S. retail sales grew modestly by 0.74% month-over-month, indicating that while consumers continue to spend, they are doing so carefully. The July jobs report from the Bureau of Labor Statistics also painted a mixed picture of the U.S. labor market, further highlighting consumer restraint in discretionary spending.

Apparel and Outdoor brands outperformed many Home and Specialty retailers, buoyed by the back-to-school season and the Olympics, respectively. Nevertheless, demand appears constrained across verticals. In this challenging environment, refining strategies to enhance customer conversion rates and focus on improving customer lifetime value (LTV) will be crucial.
more at: https://cohereone.com/marketing-kpis-july-2024-trends/?utm_medium=email&_hsenc=p2ANqtz-8HkuwFOb8hUbe6GCQOM-LXDAaqV96yVibzSJri-8EbRHJ4oFa4jXSkxo6Bcu6bgNbpTl1dC41Br6fVZE9y0d78p3mc-68_084CyqOITP7dngsIcSs&_hsmi=320713673&utm_content=320713673&utm_source=hs_email

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