Consumers turn to Convenience Stores Amid Tepid Growth in Personal Income

U.S. consumers are increasingly looking to convenience store chains such as 7-Eleven and Sheetz amid an overall contraction in consumer spending patterns. According to a new report from Placer.ai, monthly foot traffic at convenience store chains has outpaced or held steady compared to 2023 visits in seven out of the first eight months of 2024. The year-over-year increase in visits at convenience stores in 2024 ranges between -3.3% and 2.5%. However, when compared to January 2021, foot traffic at these retailers has increased by at least 20% in the winter months and up to 60% in the summer months.

The growth in foot traffic has been noticed by convenience store franchisors and is pushing these brands outside of their traditional markets. “As the popularity of convenience stores continues to grow, regional chains like Wawa, Buc-ee’s, and Sheetz are expanding into new territories, broadening their reach,” Placer.ai reported. “This trend toward regional expansion offers significant opportunities for growth, not only by increasing store count but also by reaching new consumer bases and target audiences.”

Placer.ai reported that customer behavior differs between markets, as visits to convenience stores tend to be much shorter in coastal markets than in the Midwest. In the Northern Plains of North and South Dakota, Wyoming, and Montana, consumers spent an average of up to 28 minutes at convenience stores. Consumers visiting convenience stores in coastal states, meanwhile, spend an average of less than 15 minutes per visit.