Is 2024 the "Year of the Empowered Consumer"?
MasterCard Thinks So
"Despite rising interest rates, inflation and the threat of a recession,
consumers still confidently spent money in 2023 thanks to solid job growth
and wages." This is how MasterCard introduces its Retail Trends to Watch in 2024 report.
(Photo by Tim Douglas: Pexels.com)
Topics covered in the report include
- Global and regional retail economy
- Understanding and reaching consumers
- Turning shoppers into loyal customers
- The shopping experience, online and offline
- Evolving ways to pay
The report sees consumers finally returning to 2019 levels of spending after pent-up demand for experiences during the pandemic years. Worldwide, consumers are seeking deals and discounts as they carefully balance household budgets.
Tech Playing a Bigger Role
Technology is bringing innovation and efficiency to both retailers and consumers, and expectations are changing. 2024 will see a more concerted shift toward customer-centric and digitally driven retail landscape.
Predicting the future is hard, but the report expects inflation to cool and purchasing power to increase, with consumer behavior tracking more like before the pandemic disrupted the economy.
Meanwhile in North America...
2023 saw consumers focused on concerts and movies after being shut in for the pandemic, but 2024 will see an uptick in spending on products. Large USA retailers will focus on gaining market share, retaining customer loyalty and competing against smaller brands. In Canada, labor market growth will support spending, but Canadian consumers are dealing with higher debt levels and mortgage rate increases (like USA), which reduces the ability to spend on retail.
The report also makes predictions for the retail landscape in Latin America, Europe, Africa and Asia Pacific.
Shopping Habits Are Evolving
MasterCard's report thinks retailers are focusing on the "empowered consumer" in 2024, with personalization tactics shifting from purely transactional to deeply empathetic.
Quick Industry News
NEW WHOLESALE WEBSITES
The Great San Saba River Pecan Company has opened its CAMEO EZ© B2B website. The Great San Saba River Pecan Company is located in a huge pecan orchard near San Saba in Texas. The company's products include Preserves in a variety of flavors, Toppings, "Popin" Popcorn Pecan Snack and Pecan Pie in-a-Jar.
Featured Vendors
indicates a CAMEO EZ© web site.
Ala Carte Alice
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Ala Carte Alice's mission is simple: to provide the best products and service to their customers and use the freshest ingredients that they can find. Alice Wooten takes great pride in her company, their commitment to customer service and in the products they sell. Ala Carte Alice’s products include savory sauces, red dog rubs, glazes, relishes and jams. Black and Blue Bacon, Creme Brulee and Sante Fe are just some of the yummy cheese balls Alice offers. In addition, there are mouth watering desserts, party dips and awesome entrees. You have go to try Ala Carte Alice for an excellent cullinary experience!
Beach Walks and God Talks
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"Beach Walks and God Talks" is a full-color book by Karen Ellison of Kailua-Kona, Hawaii. The full-color glossy pages of this Christian devotional gift book take your customers on a beach-combing journey where they will find treasures from the sea and for their souls. Each double page spread features an inspirational story set at the beach with stunning photography and enriching sidebars. Your customers will find themselves peacefully reflecting on God's love for them as revealed through His creation. Endorsed by Jim Daly, President of Focus on the Family, they will want one for themselves and more as gifts. It is an especially meaningful Christian Christmas gift.
Cin Chili
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Cindy Reed Wilkins, aka The Chili Queen, is a legend in the chili community. Cindy has won an extraordinary 15 first-place awards, over 100 total, in the world of championship red chili. For 35 years, she's been tweaking her best chili recipe, from the size of her beef cubes to her secret blend of powdered chili spices. Cin Chili & Company has grown since it's conception in 2005, from one awesome product to seventeen and counting.
Drew DeRose
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Drew DeRose's lines run from tabletop to decorative figurines and include candle holders, cannisters and cookie jars. All products are colorful and original. The company has a creative staff that designs merchandise for Drew DeRose Designs.
Dutch House Caramels
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Dutch House Caramels was founded in 1997, when the owners of Bayfields Bake Shop & Grill, in Alexandria, Minnesota developed a recipe for caramel candy and started making the product in the restaurant. Today the company features caramels in a variety of assortments and gift boxes.
EMV Trading
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EMV's products are deeply inspired by nature with an emphasis on creating beautiful lasting memories. The company's vast selection of unique products complements fine jewelry stores or gift/souvenir shop. EMV jewelry is perfect for any occasion, ranging from formal to casual events with specialization in Hawaiian Koa jewelry and also offering: license plates, shells and pearls jewelry, sterling silver/stainless steel/tungsten/wood collections, assorted natural gemstones and stone fashion jewelry.
Fancy That Gift & Décor
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Fancy That Gift & Decor, Inc. celebrated its 18th anniversary in August, 2019. Owners, Steve and Carmen Mendelson, have used their experience in gift and home decor to build a company that takes pride in providing quality Coastal Decor products and service with the highest levels of integrity always at the forefront.
G I Jerky
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What started out as a snack to take to the field, quickly turned into other paratroopers at Fort Bragg, NC, wanting to purchase the snack. Over the next year, pounds and pounds of GI Jerky was made in the 82nd Airborne barracks and sold to soldiers all over post. G I Jerky says "We manufacture all of our jerky to the highest USDA standards. All of our jerky is sliced, smoked and then bagged in a USDA facility. When you open a bag of GI Jerky, you can be sure that you are eating the highest quality jerky that money can buy!"
Gina B. Designs
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Gina B. Designs is an award-winning greeting card, gift and stationery products company featuring exceptional art and design. With an array of styles, variety of products and outstanding customer service, Gina B. Designs has "something for everyone." All products are proudly made in the U.S.A.
Global Building Blocks
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Global Building Blocks features the D'Ora Bamboo line of garment racks with shelves. A family-owned business founded in the United Kingdom, Global Building Blocks' the prime objective is to offer a range of household products made using sustainable alternatives. The company is dedicated to ensuring your purchase meets our three core goals of which are quality assured, authentically pleasing and durability.
The Great San Saba River Pecan Company
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The Great San Saba River Pecan Company is located in a huge pecan orchard near San Saba in Texas. The company's products include Preserves in a variety of flavors, Toppings, "Popin" Popcorn Pecan Snack and Pecan Pie in-a-Jar.
Magnolia Lane Collection
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At Magnolia Lane, our desire is to produce gifts that become part of celebrations, memories, and family treasures. Our licensed tailgating products, Christmas line, The South collection, and outdoor decor will enhance and compliment every occasion! We are proud of what we do and are ever grateful and dedicated to our customers.
Mills Gourmet
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Mills Gourmet says, "Our products are available in our local area and throughout the US! Every gourmet mix we cultivate is made from scratch right here in our kitchen with the same needs in mind---taste, quality and affordability. We are proud of every single product in our inventory, and we promise our unique blends will give you a taste of real goodness!"
Mountaineer Floral
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Mountaineer Floral, LLC, is a family-owned silk floral wholesale company specializing in silk flower bushes, silk floral Styrofoam, decorative silk sympathy designs, baskets, and ribbon (seasonal, shear, tuxedo, and floral satin). Over the past 30 years, The company has built relationships with customers from North Carolina, South Carolina, Georgia, Tennessee, Virginia, West Virginia, and Kentucky. Mountaineer Floral's business is a blend of high quality products at reasonable prices. The company is family owned and operated, now in the third generation.
The Pocket Plus
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The Pocket Plus is portable pockets that attach with magnets for a convenient way to carry things on the go. The Pocket Plus is made in the USA and comes in seven different sizes and is available in over ten colors – perfect for holding your phone, a water bottle, keys, your wallet, and more! It’s a great, inexpensive gift idea for someone of almost any age.
Pure Factory Naturals
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Pure Factory Naturals collections, including Flip Flop Foot Repair,Splash. The collection includes lip balm, foot repair, body lotion, hand cream, solid lotion bar, salt glow, skin repair.
Pure Mana Hawaii
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Pure Mana Hawaii Founders Sue Mandini and Kollette Stith bring the wisdom of living close to the land and in harmony with nature's rhythms to the marketplace in their luxury skincare line. Built from the ground up, the brand features wild harvested ingredients and a synergy of raw, wild macadamia nut oil and green coffee bean oil, grown on their family's certified organic farm, Mahina Mele in Hawaii.
Quintessential Chocolates
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Quintessential Chocolates specializes in the centuries old art form of casting “Liqueur Praliné” or the European style Liquid Center Chocolates (“with a sugar crust”). The process the company uses is more than 200 years old. Quintessential is the only manufacturer of this specialty confection in America and has been creating these chocolates since 1984.
Red Carpet Studios, Ltd.
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Red Carpet Studios, Ltd. features All Jazzed Up™ Fashion Accessories for Fall & Spring. A wide range of Giftware for the Home & Garden. Visit our website for New Products & Specials.
Reginas Farm Kitchen
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Small-batch artisan fruit spreads from Regina's Farm Kitchen® are made from the heart, the old-fashioned way. With only real fruit, no preservatives, artificial sweeteners or thickeners. Each of our unique flavors is carefully crafted to ignite your culinary curiosity or jazz up your next event. We invite you to try us.
Rudolph and Me
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Joe and Sue Brielmann have taken their combined experience of over 28 years in personalized products and design to create one of the fastest growing cart businesses in the country. Their creative ability, attention to detail, and the highest standards for quality and customer support, are among the reasons Rudolph and Me has experienced such huge growth.
Sunset Vista Designs
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Sunset Vista Designs offers you extra margin opportunities, and sells thru at retail. They offer innovative designs, in proven products, with space saving merchandising solutions, and attractive package deals that all add value to the quality products we offer. Many say this is the "best ever" line of innovative gift, garden, and home decor.
Tizo Design
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Lines include Tizo and Siena frames in a variety of styles and colors plus elegant candleholders from tea lights to pillar candles. The site also features boxes and trays in a variety of materials.
The Whitehurst Company
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The Whitehurst Company has roots in the Christmas and Home Holiday industry dating back to 1947, first started by Mr. and Mrs. Morris Whitehurst. Now owned and managed as a multi-generation, family-owned business, The Whitehurst Company offers you a wide selection of holiday decor. Products include the largest selection of solid colored ornaments, curated collections of European glass molds, along with licensed products that include Zim’s Elves Themselves, Zim's Collectible Heirloom Nutcrackers and Children of the Inner Light by Marci inspirational ornaments.
WoodU
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WoodU is a family-run business, dedicated to developing and distributing world-class and sustainable single-use cutlery and diverse wooden products. WoodU says, "Simplify life with our eco-friendly wooden cutlery. In a world focused on the environment and health, WoodU isn't just practical – it's a mindful choice for a healthier planet."
ZappoBZ
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ZappoBZ features Home to fun handmade accent decors, capiz figurine lamps, and hand-painted bamboo curtains. Categories also include bird feeders and figurines.
Billy Joe Homewares