April 2024: Spring Softness Continues (cohereone.com)
Following a sluggish trend, shopper activity remained subdued in April. Although demand for apparel remained robust, other sectors experienced declines compared to the previous year. Despite economic challenges such as inflation, consumer engagement persists, contributing to our optimistic outlook for 2024. While the economy is expected to slow in the upcoming months, steady growth is still anticipated throughout the year. The National Retail Federation predicts retail sales will increase 2.5% to 3.5% in 2024, signaling a return to pre-pandemic growth levels. Monitoring this trend closely, especially as we transition into Q2, will be crucial.