Summary
This report provides an analysis of the U.S. convenience store landscape for the third quarter of 2023. It outlines key trends affecting consumer sentiment and spending, noting a slight improvement in consumer sentiment as reported by the University of Michigan. The report highlights that food inflation has eased to a two-year low of 3.7% year-on-year, which is significant for consumer purchasing behavior. The convenience channel experienced a year-over-year dollar sales growth of 4.6%, outperforming other retail channels. Additionally, the report discusses changes in shopping habits, with consumers purchasing fewer items due to higher grocery prices. It also notes the impact of macroeconomic factors such as inflation and travel trends on sales. The report concludes with an outlook for Q4 2023, indicating that holiday travel intentions are consistent with the previous year, despite inflation concerns. Overall, the convenience channel continues to adapt to changing consumer preferences and economic conditions.
