Convenience store sales in 2023 topped those of the year prior in 29 of the 31 countries measured across North America, Europe, Asia-Pacific, and Latin America, according to the NACS/NIQ Q4 2023 Global Convenience Store Industry Report.
Across the 31 NIQ-measured countries included in the report, all but two—Denmark (-2.4%) and Hong Kong (flat)—experienced gains in convenience store value sales in 2023 versus 2022. In sales by quarter, all but five countries (Taiwan, Singapore, Canada, Hong Kong, and Denmark) experienced gains in convenience store value sales in Q4 2023 versus Q4 2022. Ten countries experienced double-digit growth in Q4 2023 compared to the year prior, with six of them in Latin America. Argentina, with its extreme inflationary pressure, had the highest growth (+185%).
However, most countries saw overall growth rates slip in 2023 versus the prior year, with 19 delivering lower growth.
“For 2024, we predict that inflation will still have an important role in the sales growth in all channels, and convenience specifically as retailers navigate to the right price and the right pack size to meet margin goals and stem unit declines. Pressured consumers will be seeking lower prices and have high tolerance for switching from their favorite brands to stretch their dollar further,” said Jamie Clarke, North America head of retail for NIQ.
“Our global reports, developed in partnership with NIQ, provide quarterly snapshots of sales from dozens of countries around the world and a centralized overview of some of the top trends in convenience retailing that are already redefining markets. With an increasingly global market, trends—whether opportunities or threats—can quickly spread across the world,” added NACS President and CEO Henry Armour.
The 59-page report looks at overall sales by country, unit sales increase, and unit price increases, in addition to a deeper dive singling out five “what’s hot” and five “what’s not” categories.
Published quarterly by NIQ and NACS, the Global Convenience Store Industry Reports focused on global, regional, and country-level views of the convenience channel. They were created to help convenience channels understand changing consumer dynamics, uncover the issues impacting consumers globally, showcase opportunities and challenges in the industry, and contribute to a unified understanding of trends impacting individual trade areas for the global convenience store industry. The quarterly reports are only available to NACS members.