Value was in vogue in 2024. Shoppers and restaurant patrons in the U.S.
were choosy about where and how to spend their money as they wrestled with high housing and food prices . Well-heeled customers traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants.
Department stores struggled as buyers shopped online or at cheaper chains like H&M. Residents also moved away from buying furniture or investing in expensive renovations, opting to refresh their homes with inexpensive items like frames and candles . Those shifts changed the buying and eating landscape in 2024.
As of Dec. 20, Coresight Research tracked 48 retail bankruptcies in the U.S.
, compared with 25 during the same period a year ago. And at least 22 restaurant chains filed for bankruptcy this year, the highest number since 2020, according to BankruptcyData, a company that tracks filings. Here are some of the trends – and dead ends – that The Associated Press tracked in 2024: WALMART The nation’s largest retailer typically shines during tough times as shoppers turn to the discounter for groceries, which account for 60% of Walmart's total business.
And just like during the 2008 Great Recession, Walmart saw households with incomes of $100,000 or above making up more of its clientele. But this time around, company executives think they can keep those customers because they’ve expanded online services and added more stylish clothes and mannequins. AMAZON Online jugg.