Convenience store value sales in the third quarter of 2024 increased year over year, as 24 of 33 reported countries experienced gains in sales versus a year ago, according to the NACS/NIQ Q3 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.
Among the 24 countries registering growth, Latin America, Asia Pacific and Europe each had eight countries. Most countries (21 of 32) posted improved growth in Q3 2024 versus the previous quarter. This was a marked improvement from Q2 2024, where only five countries had improved growth versus the prior quarter.
U.S. convenience store value was down 2.2%, and unit sales performance was down 6.3% in Q3 2024.
Inflationary pressures remained elevated for convenience stores in the United States versus the remaining market as average unit prices in convenience stores grew 4.3% while average unit prices in the remaining market grew just 1.2%.
Convenience store promotion support in the U.S. grew at a similar rate as the remaining market, but promotional levels in convenience stores (21.2% of unit sales were sold on promotion) remained below the remaining market (31.4% of units were sold on a promotion).
Frozen food delivered the best value sales growth in Q3 2024 (+18%), followed by wine (+9.7%), frozen dispensed beverages (+9.4%), other dairy and deli products (+9.2%) and liquor (+8.7%). Hot dispensed beverages (-13.7%) had the largest value sales decline on the top five “what’s not” list, followed by food service prepared onsite (-8.8%), fluid milk products (-7%), packaged bread (-6.1%) and packaged sweet snacks (-6.1%).
“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.