The August Skuup - How Low Can You Go
We’re back with this month’s Skuup, where we sat down with data analyst, Sid Toriggino, to give you the latest update on what’s impacting the convenience retail market.
1. Market Metrics
Data From Skupos: A Network of 15,000 Independent Retailers
*YA - Year Ago
Snacks: Salty Snacks only make up about 2.3% of overall merchandise sales, but they experienced a surge with July seeing 15% year-over-year growth! Unit sales were relatively flat during this period, and it looks like inflation has certainly taken its toll on this category.
2. Drop It Like Its Hot
Fuel prices have declined for 6 weeks straight, with the price of Regular gasoline standing at $4.17. Regular gas is down -13% from a month ago, however prices are still over $1.00 more than they were a year ago. Although declining fuel prices are generally welcomed, we must not refrain from acknowledging other macro economic factors that contribute to these falling prices.
While fuel prices surged through the first half of 2022, weekly gallon sales per store (blue line) remained relatively flat. The green line represents the percent difference in average weekly revenue per store, relative to the first week of the year. In normal years, fuel revenue and gallon sales tend to increase in conjunction throughout the summer months as we see Americans begin to go on vacation and take longer road trips. However, with gas prices reaching 10-year highs alongside elevated inflation across the broader economy, consumers were less willing or unable to purchase fuel at their usual volumes.
3. And The Winner is…
The run up to the 3rd largest Mega Millions is over after an individual in Illinois won the $1.3B jackpot, taking home over $750 million dollars. Lottery ticket foot traffic spiked by 123% on the day the Mega Millions winning numbers were announced. Before that, ticket traffic spiked 95% the preceding announcement day.