Bonnie Herzog
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- Goldman Sachs22 min
Can the US consumer stay strong?
David Mericle, Kate McShane, Bonnie Herzog, Alison Nathan
Goldman Sachs Chief Economist David Miracle projects moderate U.S. consumption growth in 2024, attributing current resilience to strong household balance sheets while warning that unemployment risks could trigger a shift to job loss. Retail analysts Kate McShane and Bonnie Herzog observe a bifurcated consumer environment where spending prioritizes services and essentials while lower-income demographics defer discretionary purchases and trade down to private labels. Despite these pressures, the market faces further headwinds from a five-day shorter holiday shopping window, persistent price levels, and election uncertainty, leading management to adopt cautious strategies focused on revenue growth and value optimization.
- Goldman Sachs10 min
Convenience Stores on the Rise
The U.S. convenience store sector, currently fragmented with 60% of 153,000 locations owned by independents, is undergoing a strategic pivot from fuel-centric models to high-margin food and beverage offerings that now generate up to 60% gross profits. Major operators are accelerating this consolidation through acquisitions and infrastructure investments, particularly in electric vehicle charging and frictionless payments, while blurring lines with quick-service restaurants and grocery sectors. As Goldman Sachs predicts a continued "roll-up" trend, the industry is restructuring to capitalize on evolving consumer mobility and remote work patterns by leveraging real estate and expanded service portfolios to drive long-term growth.