Convenience stores are a major part of the retail industry, and their sales statistics are a great way to get an idea of how the industry is doing. In this article, we'll take a look at the latest convenience store sales statistics, and what they can tell us about the industry.
We'll also discuss how convenience stores are adapting to changing consumer trends, and how they can use these statistics to make informed decisions about their operations. Finally, we'll explore some of the potential implications of these statistics for the industry as a whole. So, let's dive in and take a closer look at the convenience store sales statistics.
Convenience Store Sales: Most Important Statistics
Millennials between 28 and 36 years are the most invested in convenience store sales, making purchases two to three times per week.
The U.S. convenience retailing industry saw record in-store sales of $277.9 billion in 2021, despite a 1.5% decline in the number of c-stores. This increase in sales was driven by an average basket size increase of 6.3%, and overall sales were 3.1% of the total U.S. gross domestic product (GDP).
Convenience Store Sales: Statistics Overview
Convenience stores have become a staple of the U.S., with more than 148 thousand stores and 664 billion U.S. dollars in sales in 2021.
This shows the prevalence of convenience stores across the country and the industry's success in terms of sales.
The global convenience stores market size was valued at USD 2.12 trillion in 2021 and is expected to grow at a CAGR of 5.6% from 2022 to 2028.
The convenience stores market is growing rapidly, and this growth is being driven by strong economic growth in emerging markets, increased population density in urban areas, expanding investments in the retail business in developing nations, and the rising popularity of the franchising idea.
This indicates that convenience stores are becoming increasingly popular, as they provide customers with quick access to necessary items in an emergency, and their long opening hours provide customers with a convenient purchasing option.
Millennials between 28 and 36 years are the most invested in convenience store sales, making purchases two to three times per week.
This particular age group is the most likely to purchase from convenience stores and should be the primary target for marketing and sales strategies.
Males are more likely to be frequent convenience store shoppers, and are significantly younger than less regular shoppers.
Males are the main demographic for frequent shoppers, and that younger consumers are more likely to purchase in-store products.
This information can be used to target marketing efforts and create strategies to increase sales.
The number of convenience stores in the U.S. has reached an all-time high of 150,000, accounting for over a third of all outlets and generating $29 billion in revenue in 2018.
Convenience stores are meeting the needs of consumers who highly prioritize convenience.
The U.S. convenience retailing industry saw record in-store sales of $277.9 billion in 2021, despite a 1.5% decline in the number of c-stores. This increase in sales was driven by an average basket size increase of 6.3%, and overall sales were 3.1% of the total U.S. gross domestic product (GDP).
This shows the resiliency of the U.S. convenience retailing industry in 2021, despite the decrease in the number of c-stores. It also shows that customers are continuing to rely on their local convenience stores to fulfill their shopping needs, and that the average basket size has increased significantly over the past two years.
This indicates that convenience stores are still a viable option for customers, and that they are able to meet the needs of their customers.
The typical c-store shopper is in and out in under four minutes, passing 606 product displays, and 84% of customers prioritize store cleanliness. 25% of shoppers are there for gas, beer, and jerky, while 55%, 11%, and 17% are there for top-up, meal prep, and food-to-go, respectively. 95% of decisions are made subconsciously, and the trend is towards fresh and healthy options.
This provides insight into the customer experience and preferences, which can be used to inform marketing and product strategies to improve sales.
Over three-quarters of 18-34 year olds would purchase more prepared foods from c-stores if they were designated as local and/or natural and presented in environmentally friendly packaging.
Younger generations are increasingly looking for convenience, health, and fitness options when it comes to food.
This means that convenience stores should focus on providing local, natural, and environmentally friendly options in order to capture the attention of this demographic and increase sales.
61% of Americans plan to prioritize health over the next 12 months, requiring convenience stores to expand their snack and beverage options to include better-for-you options.
This suggests that convenience stores should adjust their product offerings to meet the needs of their customers. By offering healthier options, convenience stores can appeal to a wider range of customers and increase their sales.
Convenience stores make up 34.1% of all retail outlets in the U.S. and have seen steady growth over the past 30 years, with sales increasing by 4.4% in 2014 and as much as 17% during summer holidays.
Convenience stores are an important part of the retail industry in the U.S., and that they are growing in popularity. This is evidenced by the increase in sales and the doubling of the number of stores over the past 30 years.
This indicates that convenience stores are a viable option for consumers, and that they are likely to continue to be popular in the future.
Conclusion
In conclusion, convenience store sales statistics provide valuable insights into the performance of convenience stores. By tracking sales data, convenience store owners and managers can better understand their customers and make informed decisions about how to increase sales and profits.
Additionally, understanding the trends in convenience store sales can help retailers identify potential opportunities for growth and expansion. With the right data and analysis, convenience stores can maximize their potential and continue to be a vital part of the retail industry.
References
1 - https://www.statista.com/topics/3869/convenience-stores-in-the-us/#topicOverview
2 - https://www.grandviewresearch.com/industry-analysis/convenience-stores-market-report
3 - https://www.statista.com/statistics/858179/convenience-store-purchase-frequency-by-generation-us/#:~:text=According%20to%20a%20survey%20carried,from%20these%20type%20of%20stores.
4 - https://chrisrob978.medium.com/how-consumer-demographics-shape-your-convenience-store-business-23e2f3cc52d0
5 - https://nrsplus.com/blog/growth-of-convenience-stores/
6 - https://www.cspdailynews.com/company-news/convenience-store-sales-performance-reach-pre-pandemic-levels
7 - https://explorerresearch.com/learn/convenience-store-insights/
8 - https://betterbusiness.torkusa.com/convenience-stores-discover-a-fresh-source-of-healthier-sales/
9 - https://www.posnation.com/blog/convenience-store-trends
10 - https://blog.bindy.com/convenience-store-industry-emerging-trends-and-interesting-facts/
