Global Convenience Markets See Growth at the Start of 2024

23 of 32 reported countries experienced gains in value sales versus a year ago, according the latest global report from NACS and NIQ.

August 09, 2024

Convenience store value sales in the first quarter of 2024 increased year over year in 23 of 32 countries measured, according to the NACS/NIQ Q1 2024 Global Convenience Store Industry Report. The report measures convenience store value sales across several markets, including the United States, Canada, Latin America, the Asia-Pacific region, and Europe.

Of the countries delivering growth, eight experienced double- or triple-digit growth—up from seven in the prior quarter. Among those with double- or triple-digit growth, five were in Latin America, two in the Asia-Pacific region, and one in Europe. Twelve countries had improved growth in Q1 2024 versus the prior quarter—up from nine in the previous quarter. Most countries with improved growth experienced solid increases from those in Q4 2023. Growth rates in the countries with worse performance in Q1 2024 had modest declines in growth levels achieved in Q4 2023.

In the United States, convenience store dollar sales fell 2.1% in Q1 2024, while dollar sales grew 1.8% in the remaining market. Excluding tobacco products, convenience store dollar sales growth fared slightly better versus the remaining market (-0.5% and +1.8%, respectively). Inflationary pressures remained elevated for convenience stores versus the remaining market in Q1 as average unit prices in convenience stores grew 3.6% (+4.5% excluding tobacco products).

Three of the top five growth categories for the United States in Q1 2024—liquor (+15.8%), wine (+7.6%), and ice (+3.5%)—were also on the Q4 2023 top five list. Health and beauty care (+2.8%) and other dairy deli products (+1.9%) replaced salty snacks and packaged beverages from the prior quarter list.

“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,” said 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 focus 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.