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&company

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StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail

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Contents

Foreword4

Thestateofnongroceryretail8

Sixvaluethemesfor

nongroceryretailers22

Implicationsandpriorities

fornongroceryretailsectors40

Lessonsfromleaders44

Acknowledgments75

Contacts77

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3StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail

Foreword

Inthepastfouryears,thenongroceryretailsectorhashadtonavigateavolatilemacroeco-

nomicenvironment,facesupplychaindisruptions,andadapttochangingconsumerspending.Currently,growthratesseemtohavestabilizedjustbelowthoseofthepre-COVID-19era,butwestillobservemanydifferencesinthepaceofrecoveryacrosscategoriesandEuropean

countries.Whilesomecategorieshavenotrecovered,othershavebenefitedfrompocketsofgrowth.Forexample,growthinpetcareisabove2019levelsinallmarkets,apacethatshouldcontinue,andbeautyandpersonalcareareprojectedtogrowupto2percentannuallyinthecomingyears.

Severalelementsindicatethenextfiveyearswillbeequallychallengingfornongroceryretail-ers.EconomicuncertaintyhasledEuropeanhouseholdstoremaincautiouswiththeirdiscre-tionaryspending,whilestructuraltrends,suchasanemphasisonomnichanneljourneys,are

reshapingthesector'scompetitivelandscape.Inaddition,theriseofdiscountershasspurredaracetothebottomonpricesandquality,compellingretailerstoofferadistinctivevalueproposi-tionbeyondthesefactorsandovercomethe“goodenough”syndrome.

Otherdevelopmentsandtrendswillcomplicatethepathforward.Continuedshockstothe

supplychainandlabormarketscouldcompelretailerstobemuchmoreagileandexplore

strategiessuchasmoreverticalintegrationandtheincorporationofdesign-to-valueprinciples.Sustainabilitypresentsadifficultequation:retailerswouldneedtobalancesellingmoreprod-uctswithreducingtheircarbonfootprintandmakingproductsmoresustainable.

Buildingonthesuccessofpreviousreportsdedicatedtogrocery,fashion,andbeauty,1the

inauguralStateofRetail—Europedelvesintothekeytrendsthatwillshapethenongrocery

sectorin2025andbeyond.Deepdivesintospecificcategories—furnitureandfurnishings,

DIYandhardware,consumerelectronics,sportinggoods,beautyandpersonalcare,andpetcare—explorewaysretailerscankeeppacewiththesetrends.Howcantheycreateacompel-ling,customer-centricvaluepropositionandbuildlastingloyalty?Whatdoesthefutureholdforphysicalstores?Whatstepsshouldplayerstaketodevelopomnichannelcommerce?Howcanretailersexpandbeyondmerelysellingproductstoofferinganecosystemofservicesinpursuitofgrowthandprofitability?AndwhatrolewillAIandanalyticsplayintheirfuturesuccess?

StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail,acontinuationofapartnershipbetweenMcKinseyandEuroCommerce,wasdevelopedtoprovideexecutiveswithacomprehensiveviewofthenongroceryretailsectoranditsfuturetrends.

Inpreparingthereport,wesurveyedmorethan15,000consumersacrosssixEuropean

countriesandabout30nongroceryretailexecutivesinWesternEurope.WeaugmentedthesefindingswithinterviewswithtenretailCEOsandexecutivesinWesternEurope.OurresearchcombinedEuroCommerce’spolicyandsectorknowledgewithMcKinsey’sglobalexpertiseandanalyticalrigor.

Thisreportoffersnewinsightsandperspectivesthatwehopewillhelpretailersnavigateongo-inguncertaintiesandseizefuturegrowthopportunities.

1StateofGroceryEurope2024:SignsofHope,McKinsey,April10,2024;TheStateofFashion2025:Challengesateveryturn,McKinsey,November11,2024;Thebeautymarketin2023:AspecialStateofFashionreport,McKinsey,May22,2023.

ChristelDelberghe

DirectorgeneralEuroCommerce

FranckLaizet

Seniorpartner,co-leadingtheRetailPracticegloballyMcKinsey&Company

Mcsey

StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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4

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5StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail

Scopeofthisreport

Thisreport’sscopefocusesonsixretailcategories:

furnitureandfurnishings,DIYandhardware,consum-erelectronics,sportinggoods,beautyandpersonalcare,andpetcare.Itexcludesothercategories,suchasfashionandleisureaswellasgroceryandfoodre-tail,whosekeytrendsarecoveredinourannualStateofGroceryreport.

ThefirsteditionofthereportfocusesonsixselectedEuropeanmarkets:France,Germany,Italy,Poland,Spain,andtheUnitedKingdom.

Authors

AntonDelbarre

Chiefeconomist,EuroCommerce

ChristelDelberghe

Directorgeneral,EuroCommerce

FranckLaizet

Seniorpartner,

McKinsey&Company

Fran?oisVidelaine

Partner,

McKinsey&Company

StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail

ValeryiaDespaihne

Jobsandskillsadviser,EuroCommerce

MarkusSchmid

Partner,

McKinsey&Company

FabiolaValentini

Digitalandconsumerpolicyadviser,

EuroCommerce

RalphBreuer

Partner,

McKinsey&Company

Eurocommerce

Retai&lwholesale

Mcsey

&company

6

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7StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail

Chapter1

Thestateofnongroceryretail

Nongroceryretailhasfacedauniquesetofchallengesinrecentyears,withseveralfactorsshapingthesector:macroeconomicshocks,astronglinkbetweentheevolutionofturnoverandlocalpurchasingpower,prudentconsumerbehavior,andtheriseofomnichanneljourneys.Ouranalysissuggeststhesesametrendswillcontinuetobeinfluentialintheyearsahead.

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StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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Facingmacroeconomicheadwinds

Overthepastfiveyears,surginginputpriceinflation,

theCOVID-19pandemic,andgeopoliticaltensionshaveprofoundlyaffectedretailers’costsandglobalsupply

chains.Althoughthesector’snominalturnovergrewby2.3percentayearfrom2019to2023,itdeclined

by1.8percentwhenadjustedforinflation.CategoriesincludingfurnitureandDIYwerehardesthit(Exhibit1).

Adjustedforinflation,nongrocerysalesremainbelow2019levelsinallgeographies.Thepersistenceof

macroeconomicheadwinds,suchaselevatedprices,hasledconsumerstoprioritizegrocerypurchases,

tradedown,anddelayspendingonhouseholdgoods.Accordingtoourlatestconsumersurvey,morethan

halfoflow-incomehouseholdshavesavedasmuchaspossibleinthepast12monthsinsteadofspending.

Exhibit1

RetailsalesintheEuropeannongrocerysectordeclinedby1.8percentinrealtermsoverthepastfiveyears.

RetailsalesCAGR,2019–23,%

wCategoriesinreportscopewOutofscopeCurrent(nominalvalue)Constant(netofinflation)

5.6

5.5

1.3

3.9

3.8

3.5

3.3

2.8

2.3

2.2

2.0

1.8

1.4

1.0

0.6

6.9

2.6

?0.3

?0.4

?0.8

?1.2

?1.3

?1.2

?1.5

?2.0?2.1?2.0

?1.8

?2.7

?3.5

Furnitureandfurnishings

UnitedFrance

Kingdom

Spain

Total

Consumerelectronics

BeautyandFashion

personalcare

Italy

DIYandhardware

Poland

SportingPetcareLeisureGermany

goods

Source:Euromonitor

Eurocommerce

Retail&wholesale

Mckunsey

9StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

Lookingahead,theeconomicenvironmentisexpectedtoimproveslightlybutwillremainvolatile.Anexam-

inationoftheeurozoneeconomyrevealsencouragingsignsofrecoveryinearly2024,witha0.2percentquar-ter-on-quarterincreaseinGDP,1declininginterestrates,andeasinginflation.Andavailabledataforthesecondhalfof2024confirmsthattrendiscontinuing.2

Amidthisenvironment,mosttopEuropeanmarketsareexpectedtogrow0.6percentthrough2028,adjustedforinflation(Exhibit2)—thoughthedynamicsvaryby

countryandcategory.Forexample,themarketsin

Poland,theUnitedKingdom,andSpainareallexpectedtogrow1.5to2.0percentayear.Ontheotherhand,themarketsinGermany,France,andItalyareprojectedtostagnateordeclineslightly.Weexpectfuturepocketsofgrowth(adjustedforinflation)inpetcare(2.7percent),beautyandpersonalcare(1.7percent),consumerelec-tronics(1.5percent),andsportinggoods(1.2percent).Ontheotherhand,growthinfurnitureandfurnishings(–1.3percent)andDIYandhardware(–0.7percent)isexpectedtodecline.

Exhibit2

Nongrocerycategories,withtheexceptionofpetcare,havenotrecoveredto2019levelsinmostgeographies.

2019–23realgrowth,%Markethasrecoveredto2019levelsMarkethasnotrecoveredto2019level

Beauty

Projected

and

Furniture

and

growth,3

DIYandhardware

personal

care

Consumerelectronics

2023–28,

%

furnishings

Total2

Petcare

Sportinggoods1

?1.5

?2.0

?2.1

?2.0

?1.3

?1.2

?3.8

?1.2

2.1

?2.1

1.3

United

Kingdom

Germany

?0.5

?2.0

?1.9

?0.7

?2.1

?0.2

1.6

?3.8

?1.8

?0.4

?0.8

?1.3

0.5

?1.9

?0.5

?2.5

0.0

?3.0

2.8

?1.2

0.1

0.7

4.4

1.6

4.6

France

Italy

Spain

?2.7

?1.3

0.4

?1.2

?2.3

5.5

Poland

1.6

0.2

?0.4

?0.5

1.5

1.9

?2.7

?1.3

?1.2

?0.7

?0.4

1.5

?0.3

1.2

?0.8

1.7

2.6

2.7

Total2

?1.8

0.6

0.6

Projectedgrowth3

1Accountingforsportswear.2Includingfashionandleisure.3Inrealterms.

Source:Euromonitor

1“GDPupby0.2%andemploymentupby0.2%intheeuroarea,”Eurostat,September6,2024.2“GDPupby0.4%intheeuroareaandby0.3%intheEU,”Eurostat,October30,2024.

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Demandonnongrocerycategoriestiedtolocalpurchasingpower

Consumerdemandfordiscretionaryitemsremains

closelytiedtopurchasingpower,whichvariessig-

nificantlyacrossEuropeanmarkets.Innationswith

higherincomes,suchasGermanyandtheUnited

Kingdom,nongroceryitemsaccountformorethanhalfofretailsales.Frenchconsumers,however,havelowerspendingpercapitaonnongrocerygoodsandtendtoallocatecloseto60percentoftheirbudgettogroceryshopping(Exhibit3).Adeeperanalysisofconsum-

erpurchasesrevealsdifferencesincategoryappeal

acrosscountries.Germanhouseholdspendingon

furnitureexceedsthatofotherEuropeanhouseholdsbyapproximatelyfivetotenpercentagepoints,Polishcon-sumershavethelargestsharededicatedtoelectronics,andfashion3accountsforthelion’sshareofItalians’

nongrocerybudget.

Anothersignificantchallengeforretailersisthatthe

expectedslowingofrealincomegrowthcouldundercutpurchasingpowergains.Thistrendsuggestsretailersmightincreasinglycatertopolarizedmarketsegments.Adaptingtotheneedsofbothhigh-andlow-income

groupswillbecriticalasmoreconsumerswithmod-estspendingcontinuetofavordiscounteroptionsandprivatelabels.

3Includesapparelandfootwear.

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Mckunsey

11StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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Exhibit3

Theappealofnongrocerycategoriesvariesdependingonlocalmarketsandcontexts.

UnitedKingdom

GermanyFranceItalySpain

PolandTotal

ShareofnongroceryspendinginGDP,%

Foodandnongrocerysplitin2023retail

sales,€billion

Food

Nongrocery

Spendingshareby

inhabitantforeach

nongrocerycategory,12023,%

Furnitureandfurnishings

DIYandhardware

Consumerelectronics

Sportinggoods

Beautyandpersonalcare

Petcare

FashionLeisure

Nongroceryspendbyinhabitant,€thousand

7.06.05.55.96.16.0

483

416

205(49%)

212(51%)

348

194(56%)

153(44%)

307

184(60%)

122(40%)

189

100(53%)

89

(47%)

119

1,863

994(53%)869(47%)

74

(62%)

45

(38%)

236(49%)

248(51%)

14

11

16

6

12

4

30

6

15

7

19

5

10

3

36

5

16

8

17

7

13

3

33

4

13

6

18

6

12

4

38

3

10

5

28

6

13

4

28

5

21

11

18

5

9

3

29

4

16

8

19

6

11

3

33

5

3.12.92.32.11.91.2

UnitedGermanyFranceItalySpainPolandTotal

Kingdom

Note:Figuresmaynotsumtototals,becauseofrounding.AsofJanuary1,2024,$1=€0.9059.

1Eachvalueiscalculatedasfollows:(categoryAproductsalesincountryXdividedbythepopulationofcountryX).

Source:Euromonitor;Toutel’Europe;WorldBank

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Riseofomnichanneljourneys

E-commercepenetrationincreasedrapidlyduringthepandemic.Someofthesegainsinmarketsharewererecapturedbybrick-and-mortarretailpostpandemic.Morerecently,e-commercestartedincreasingagain,butgrowthremainsbelow2019levels.Still,onlinewasthefastest-growingchannelin2023,at3.3percent

overall,andonlinepenetrationisexpectedtoprogresssteadilyacrossnongroceryretailcategories.

Itsgrowthstemsfromthegrowingpresenceofomni-channeljourneysinconsumers’shoppinghabits:morethan50percentofconsumersreportedusingboth

onlineandin-storeoptionstoresearchandpurchasenongroceryitems.Thisfigurerisestomorethan60per-centinretailcategoriessuchassportinggoods,leisure,consumerelectronics,andfurniture.

Thereisasilverliningforbrick-and-mortarretail.As

customerjourneysbecomemoreandmoreomnichan-nel,anetworkofstorescouldplayanintegralrolein

attractingcustomers.Ouranalysesindicatenongrocery

retailchannels(multibrandandbrand-owned)stillcap-turethelargestshareofconsumers’declaredspending.Inthepast12months,50to60percentoffurniture,

DIY,electronics,andsportinggoodsitemswereboughtfromnongrocerychannels,bothonlineandin-store.

Consumersaremotivatedtopurchasefromthose

channelsbecauseofthebroadrangeofproductsandservicesretailersoffer,theavailabilityofspecificitemsattimeofpurchase,andtheirtrustintheretailerand

loveforthein-storeexperience.Thistrendisexpectedtopersist:nongroceryretailchannelshavethehighestnetfuturepurchasingintentoverthecomingtwoyears.

Althoughnongroceryretailersseemtobemaintainingtheirpositionregardingconsumers’futurespending

intentions,departmentstoreswillbeincreasinglychal-lengedbyonlineresellers,whicharegaininggroundacrossallgeographies(Exhibit4).InmarketssuchastheUnitedKingdomandPoland,digital-onlyplayersarethetopchoiceforfutureconsumerspending,with27percentofconsumersexpectingtoincreasetheir

spendingthroughthesechannels.

Exhibit4

Nongroceryretailersfacegrowinginterestfromtheircustomersinonlinechannels.

Nongrocery

retailersinscope3E-commerce

Other

channels4

44

59

59

58

27

11

11

28

29

30

30

14

Consumerintenttospendmoreorsignificantlymoretwoyearsfromnow,1%respondents

Nongroceryretailchannels

United

Kingdom

GermanyFranceItalySpainPoland

Specialized

multibrand

Brand’sown

25

27

22

26

22

28

24

24

22

24

22

26

Departmentstores

Online

resellers

Others2

21

19

19

22

19

23

27

25

19

23

17

27

23

28

27

24

25

33

Retailchannelmarketshare,2023,%

64

60

9

16

27

24

1Q:Lookingto~2yearsintothefuture,doyouthinkyouwillspendmoreorlessonthefollowingchannels?2Includesgrocerystores,second-handcharitystores.

3Specializedmultibrandandbrand’sown.

4Departmentstores,discounters,grocery,directselling,andautomaticvending.

Source:Euromonitor;McKinseyStateofNongroceryRetailConsumerSurvey(August2024,n=15,214)

Mckunsey

13StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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Fivecharacteristicsof

Europeannongroceryretailconsumers

Inadditiontoconductingcountryandsectoranalyses,ourresearchexploredthepreferencesandbehaviorsofconsumers.Fivecharacteristicsstoodout:optimisticyetcautiousconsumers,smartspendingdecisions,

lowlevelsofloyalty,awarenessofsustainability,and

searchforconvenience.(FortheviewfromtheC-suite,seesidebar,“CEOsentimentonthenongroceryretailsector.”)

Optimisticyetcautiousconsumers

AccordingtoaMcKinseysurvey,consumeroptimismisreturninginEurope,reachingpositivenetintentforthefirsttimesince2023.4IthasespeciallyseenanuptickinGermany,Italy,Spain,andtheUnitedKingdom,whereitisabovetheEUaverage.Theten-percentage-pointdropinconcernsaboutrisingpricesinthepastyearisadrivingforcebehindthistrend.Morethanone-thirdofrespondentsattributetheiroptimismtostabiliz-

inginflation.Thissentimentisreflectedinspending:comparedwithtwoyearsago,74percentofEuropeanconsumersreportedmaintainingorincreasingdiscre-tionaryspending.

However,nongroceryretailcategoriescouldstillbehitnegativelyintheshortterm,accordingtoMcKinsey’sConsumerSentimentPulseSurvey.Roughly65percentofconsumerssaytheywillmaintainorincreasetheir

discretionaryspendinginthenextthreemonths.In

addition,consumersnowallocatelessthanhalfoftheirdiscretionaryspendingtonongroceryitemsandare

morelikelytocutbackthantobuymore,preferringtoallocatespendingtorestaurants,bars,travel,andenter-tainment(Exhibit5).

Althoughconsumersremaincautiousaboutfuture

spendingaftertheCOVID-19pandemicandincreasedcostofliving,theyareregainingtheirdesiretosplurgeonselectcategories.Travel,diningout,andenter-

tainmentawayfromhomeremainthetopsplurge

categories(morethan25percentofrespondents).Onaverage,oneinsevenconsumersstillreportedsplurg-ingonhomeitems,fashion,andelectronicsoverthe

past12months.Thisbehaviorwasmoreprevalentin

France,Poland,andtheUnitedKingdom(around15to20percentofconsumersacrossallnongrocerycatego-ries)thaninGermany,Italy,andSpain.HighersharesofGenZandmillennialconsumersindicatedaninterestintreatingthemselvescomparedwithanyotherage

group.Unsurprisingly,affluenthouseholdswerenearlytwiceaslikelytosplurgeaslower-incomeones—21

percentcomparedwith11percent.

Despitethisgrowingwillingnesstosplurge,consumersstillplantospendcautiouslyacrossmostnongroceryretailcategoriesoverthenexttwoyears.Petcareis

thelonecategorywithapositivenetfuturepurchasingintent.5FurnitureandDIYareprojectedtoseethemostsignificantdecreaseinnetintent.Nonetheless,oneinfiveconsumersstillanticipatebuyingmorenongroceryitemsinthefuture.

Despitegrowing

willingnesstosplurge,consumersstillplan

tospendcautiously

acrossmostnongroceryretailcategoriesover

thenexttwoyears.

4Netintentisthedifferencebetweenoptimisticconsumerswhoexpecttheircountry’seconomytoreboundandthosewithapessimisticviewwhothinktheireconomywillbeaffectedlongterm,leadingtoarecession.McKinseyConsumerSentimentPulseSurvey;thirdquarter2024;includesFrance,Germany,Italy,Spain,andthe

UnitedKingdom;n=1,000percountry.

5Definedasthedifferencebetweenconsumerswhointendtoincreasespendingandthosewhointendtocutback.

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StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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Exhibit5

Consumersarehesitanttospendondiscretionarycategories,thoughintenthasstabilizedcomparedwithlastyear.

Expectedspendingpercategoryoverthenextthreemonthscomparedwithusual,1%ofrespondents

IntendtospendlesswSamewMorewCategoriesinreportscope

Deltanetintent2

vs2023,

percentage

points

Discretionary

Furnitureandfurnishings

47

43

11

+2

DIYandhardware

42

49

9

+4

Consumerelectronics

45

44

11

+1

Sportinggoods

36

54

10

+4

Fashion

37

53

10

+3

Restaurantsandbars

39

50

11

+3

Travel

32

49

19

+2

Entertainment

29

61

9

+3

Semi-

discretionary

Leisure

40

49

11

–2

Beautyandpersonalcare

22

70

8

+3

Essentials

Petcare

17

73

10

0

Babycare

18

59

23

+3

Grocery

19

71

10

+1

Note:Figuresmaynotsumto100%,becauseofrounding.

1Q:Overthenext3months,doyouexpectthatyouwillspendmore,aboutthesame,orlessmoneyonthesecategoriesthanusual?

2Netintentisthediferencebetweentheshareofrespondentswhointendtospendmoreandtheshareofthosewhoplantospendless.

Source:McKinseyConsumerSentimentPulseSurveyinFrance,Germany,Italy,Spain,andUK(Q32023andQ32024;n=1,000percountry)

Mckunsey

15StateofRetail2024—Europe:Transitionandtransformationinnongroceryretail&company

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Smart,savvyspendingdecisions

Consumersaremorelikelytotradedownondiscretion-arycategoriesthanongroceryorpetcare.Although

morethan60percentofconsumersactivelyseek

opportunitiestotradedown,theyarenotdoingitmind-lessly.Theyoptforlower-pricedretailersanddiscount-ers,especiallyforsportinggoods,leisure,andfurniture(Exhibit6).Sometimestheydelaytheirpurchases

altogetherorreducetheirbasketsize.

Consumersarelookingformorethanjustlowprices.Oneinthreeshoppersprioritizegoodvalueformoneywhenshopping,whichalsoincludesgreatpromotionsanddiscounts,awideproductrange,trustworthiness,andafunshoppingexperience.Thisquestforvalueisnotableacrossallnongrocerysegments,particularlyintheDIYcategory,where33percentofshoppersreport-edthispreference.

Exhibit6

Themajorityofconsumersreporttradingdown,mostoftenbychangingtolower-priceretailers.

Changesinshoppingbehavior,1%respondents

CategoriesinreportscopeTradingdownbehaviors,%<15<25<35≥35

Furnitureandfurnishings

DIYandhardware

Consumerelectronics

Sportinggoods

%tradingdown2

67

62

64

70

Discretionary

Fashion58

Adjustedquantityorpacksize

21

26

17

24

15

Changed

brandtolower

priceorprivate

label

6

9

10

14

8

Changed

retailersfor

lowerpriceor

discount

30

27

29

36

25

Delayedpurchase

25

19

20

21

21

Used“buynow,paylater”

18

13

14

10

9

Semi-

Beautyandpersonalcare

discretionary

56

Leisure67

5

3

258341917

291520115

10

12

20

22

12

13

Essentials

Petcare

57

Grocery

57

28

31

1Q:Withinthepast3months,haveyoudoneanyofthefollowingwhenpurchasingaproduct?(Thisquestionwasaskedacrossmultiplecategories.)

2Percentofrespondentsselectingoneofthefollowingoptions:shoppedfromalower-pricedretailer;shoppedfromalower-pricedbrand;boughtprivatelabel;boughtabrandforwhichyouhadacoupon;usedbuynow,paylater;delayedapurchase;boughtalarger-sizepackforlowerprice;boughtasmallersizeorquantity;mademoreshoppingtripsinsearchofadiscount.

Source:McKinseyConsumerSentimentPulseSurveyinFrance,Germany,Italy,Spain,andUK(Q32024;n=1,000percountry)

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CEOsentimentonthenongroceryretailsector

AmajorityoftheEuropeannongroceryCEOswesurveyedpredictedmarketstabilizationin2025,withmorethan75percentexpectingconditionstoeitherimproveorremainthesame.Theseresultsreflectcautiousoptimismasthesectoradaptstoongoingeconomicchallenges.Lookingback,40percentofleadersdescribedthesectoraschallengingandcomplexin2024,andone-thirdindicatedtheyhadfocusedonprices.

Marginpressuresandconsumerdowntrading,drivenbyrisingcostsandheightenedpricesensitivity,remaintopconcernsforCEOsinthecomingyear(exhibit).Executivesareprioritizinginvestmentsinomnichannelexperiencestomeetevolvingconsumerdemands,alongwithexpandingprivatelabelofferings.

One-thirdofCEOsanticipatethatcapturingconsumers’renewedpurchasingpowerwillbethetopchallengefor2025.Atthesametime,retailersseeopportunitiestoimproveonlineandomnichannelexperiencesandinnovatewithhigher-qualityproducts.

Morethan70percentofCEOsbelievethatby2030,deliveringaseamlessomnichannelshoppingexperiencewillbet