“Shoppers and restaurant patrons in the U.S. were choosy about where and how to spend their money as they wrestled with high housing and food prices” in 2024, according to a new report from the Associated Press.

The research found that many customers “traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants.”

Categorizing brands into “winners” and “losers” of the year, Walmart was AP’s “winner” of 2024. The retailer “typically shines during tough times as shoppers turn to the discounter for groceries, which account for 60% of Walmart’s total business. And just like during the 2008 Great Recession, Walmart saw households with incomes of $100,000 or above making up more of its clientele,” reported AP.

QSRs also did well according to the research. QSRs like Cava “said its revenue surged more than 33% in the first nine months of this year as it rapidly built new restaurants.” Chipotle got some heat from value-conscious diners about smaller portions, but drew customers back after retraining workers to ensure “consistent and generous” portions, wrote AP.

McDonald’s $5 meal deal, introduced in June, “helped draw lower-income customers back into stores. McDonald’s extended the deal through the end of this year and said more value is coming in 2025.”

Starbucks was on AP’s “losing” side of the spectrum. From long lines to high prices, Starbucks hired a new CEO, Brian Niccol, in the fall to help turn things around. But labor strife, which led to strikes in December, could continue to hurt the company in 2025.

Interested in what did well for c-stores in 2024? The NACS State of the Industry (SOI) Summit is a must-attend event for convenience industry leaders. The Summit offers the latest industry metrics and trends in finance, labor, operations, merchandising, foodservice and fuels, featuring insights from industry experts. The 2025 SOI Summit will take place April 8-10 in Dallas, Texas.