The data point: Household spending jumped 4.2% QoQ in Q4, up from 3.7% in Q3 and well above analysts鈥� 3.2% forecast, per the US Commerce Department. This marked the strongest gain since Q2 2023 and the first time since late 2021 that spending growth topped 3% for two consecutive quarters. Spending on goods was particularly strong, surging 6.6% QoQ, or 3.5% YoY.
The economy is trending in a positive direction: US consumer prices rose in December by less than forecast. We expect the Fed will stick with a wait-and-see approach.
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The retail media landscape is dominated by national retailers like Amazon and Walmart, which boast the No. 1 and No. 2 retail media networks in the US by digital ad spend, per our forecast.
Walmart dominated the US retail landscape in 2024: The mass merchant鈥檚 ability to offer savings and convenience won over shoppers, and its growing ecommerce and advertising businesses are helping it make inroads against Amazon.