February 2024 Retail Metrics:
In this week’s Retail Traffic Trends, we are breaking down the month of February to see how each industry performed to start the year.
After a lackluster January, the furniture sector saw a remarkable uptick in daily revenue, surging by 32%. Meanwhile, the mattress industry experienced heightened activity, with a 50% spike in foot traffic.
Join us as we analyze the trends, shifts, and performances that set the tone for the year ahead.
Today’s Rundown
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Download – Q4 2023 Benchmark Report: Sign up HERE to download the Q4 Home Furnishing Benchmark Report.
- February recap: Everything you need to know about how last month played out.
- Trends and behaviors : Consumer spending behavior and drivers in February 2024.
February 2024: Furniture industry
Conversion Rate
40.11%
+0.55%
In comparison to January 2023, the furniture industry experienced an 7% increase in conversion rate. In contrast, there was a 6% decrease compared to December 2023.
Average ticket decreased by 9% compared to January 2023. When compared to the previous month, average ticket decreased by 3%.
Average Ticket
$2,335
-4.16%
Daily Revenue
$13,677
-4.96%
Daily revenue decreased by 22% compared to January of the previous year. Daily revenue in January 2024 only decreased by 1.86% compared to December 2023
The furniture industry kicked off the year with 22% less foot traffic compared to January 2023, but saw 4% more customers than in December 2023.
Daily Opportunities
15
-3.51%
Time with Customers
39
-14.01%
Salespeople, on average, dedicated 15 minutes more with each customer in January compared to 2023, and spent 1 minute more than they did in December 2023.
Prospecting % is the percent of non-buying opportunities that contact information was gathered from. The Footwear industry gathered information from 29% of customers who did not purchase. This is a 63% increase from January 2023.
Prospects
64
+35.52%
February 2024: footwear industry
February 2024: Mattress industry
Conversion Rate
64.48%
-11.17%
In January, the conversion rate within the footwear industry saw a noteworthy uptick of 4% in comparison to January 2023. Similar to the yearly increase, conversion rate increased 6% compared to the December 2023
To start the year, salespeople increased average ticket by 4% compared to January 2023.More suprisingly, average ticket increased an impressive 16%.
Average Ticket
$2,016
+14.76%
Daily Revenue
$2,078
+32.70%
Despite the impressive increase in average ticket, daily revenue in January showed a 10% decrease compared to January 2023. In contrast with the year-over-year decrease, the daily revenue for January experienced an 29% jump compared to December 2023.
The footwear industry kicked off the year with 15% less foot traffic compared to the same period last year ,but saw 15% more customers than in December 2023.
Daily Opportunities
2
+2.65%
Time with Customers
51
+36.71%
Salespeople, on average, dedicated 5 minutes less to each customer in January compared to 2023, and spent 6 minutes more than they did in December 2023..
Prospects are contacts gathered with the intention of generating future sales. In contrast to the previous January, salespeople accumulated 12% fewer prospects.
Prospects
2
+200%
Retail Snippets
Trends and behaviors : Consumer spending behavior and drivers in February 2024.
RFID enhancements: How RFID Technology is changing the retail industry in 2024.
A new shopping experience: What will retail look like in five years? Top industry executives share their predictions.
Random Irrelevance
Broken Google: Google says it’s purging all the AI trash littering its search results.
Watch out: US diver recovers thousands of Apple Watches from a lake.
Photo of the year: Wildlife Photographer of the Year awarded to man who captured a polar bear falling asleep.
The post February 2024 Retail Metrics are in! appeared first on Trakwell.ai.
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