2024 Predictions: What We Can Expect in the Year Ahead
As we prepare to enter a new year, what can we expect? To answer this question, the Food Biz Wiz team joined forces with the folks at ECRM & RangeMe to examine what’s been working – and what’s not working – over the past twelve months, and to share our views on how it will all play out in 2024.
We have good news and bad news for suppliers for the upcoming year so let’s outline it all. Below you’ll find a summary of our 2024 predictions, based on the conversation I had with Joe Tarnowski for my last Food Biz Wiz podcast of 2023 (no 226). To listen to the full conversation, you can find my podcast episode here! You’ll find Joe’s take on these predictions in the shaded parts of each segment.
Let’s start with the (potentially) bad news first…
Continued supply chain and labor challenges
We predict that we’ll continue to see increased challenges with labor shortages, supply chain hiccups in certain categories, and increased consolidation and mergers between retailers. Suppliers may feel a negative impact here: wholesale buyers will continue to have less patience for brands who aren’t truly ready for retail, as they don’t have …