The April Skuup - Three Trends Retailers Saw at the Beginning of Spring Season
We sat down with our data analyst, Sid Toriggino, to cover some of the recent trends influencing the retailer market. Here is what we saw:
1. Gas Prices Well on the Rise
As we try to navigate through these difficult times of global conflict, our hearts remain solidified with the people of Ukraine. It does not come as a surprise that consumers nationwide are feeling the impact of global events. A direct reflection of this has been shown through nationwide gas prices, where we’ve seen a 24% increase since last March. This comes as good news for some though, as weekly fuel revenue continues to increase at a much faster rate than fuel visits.
2. Market Basket Prices Skyrocketing More Than Wordle
While Wordle is consuming 5 minutes to 5 hours of my day, my c-store shopping cart is consuming more dollars from my wallet. Average market basket prices are up 3.5% from last year during this same time period, which isn’t too terrible when you take into account the US’ annual year-over-year inflation rate was 7.5% in January.
3. Altria Updates Their Programs for Retailers
Under Altria’s new Digital Trade Program (DTP), coupled with Skupos Engage, retailers can strengthen customer loyalty and increase revenue by offering low prices on tobacco products through brand-funded discounts. Under these new changes, retailers see an average of $504+ per month from participating in tobacco programs and Skupos brand-funded promotions. This incremental revenue is a key driver in ensuring that independent retailers can remain competitive with larger chain retailers.