The Backroom: Doug Stephens’ retail predictions for 2024
In the latest episode of The Backroom podcast, Daphne Howland engages in an annual conversation with retail expert Doug Stephens. In 2023, the lingering effects of the pandemic economy intertwined with inflationary pressures, cooling categories such as home and electronics, while experiential spending like dining out made a comeback. Stephens argues that retail still relies too heavily on 20th-century habits and needs to accelerate change in 2024. The episode also includes links to related resources, covering topics such as the 'woke' brand controversy, the survival of California shopping malls, credit card debt surpassing one trillion dollars, and Walmart's cautious outlook.
Welcome to The Backroom, a window into what goes on behind the scenes as the Retail Dive team covers the stories and trends reshaping retail. You can check out all our podcast episodes (past and present) here and listen on Apple Podcasts, iHeartRadio and Spotify.
While the worst of the pandemic in many ways appears to be behind us, and the economic fallout in the U.S. less than once feared, 2023 has nevertheless been a year of uncertainty for the retail industry.
Many consumers benefited from pandemic-era financial support, which diminished throughout the year just as inflation sapped household budgets. Categories like home goods and electronics that had thrived as people hunkered down in their homes took a back seat as dining out and other experiences became priorities.
Was this year in a way another chapter in a late-pandemic story? In fact, retail and branding expert Doug Stephens believes that the industry is hanging on too tightly to 20th century habits that must be broken.
In this episode, Daphne Howland sits down with Stephens for their annual conversation on what lies ahead. Thanks for listening and happy new year.
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