The State of Retail in Q1 2023: Key Trends & Takeaways

Rising prices remain top of mind for millions of U.S. consumers, leading to additional caution around discretionary spending. As 2023 progresses, economic indicators appear to be on a slight upswing, although the health of the consumers’ budget and ability to spend remains in question. Analysts have noted the continued disparities between the spending patterns of high- and low- and median-income earners, leading to pockets of opportunity across retail sectors.

For retailers, navigating this moment requires executional excellence paired with a strategy that’s focused on brand differentiation and elevation, customer experience, and leveraging insights to engage new audiences while retaining existing ones. Learn more about the state of the retail environment in the latest report from the PMG team.