How US consumers shifted their buying habits in 2024

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    Shoppers and restaurant patrons in the U.S. were choosy about where and how to spend their money in 2024 as they wrestled with high housing and food prices.

    Well-heeled customers traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants. Department stores struggled as buyers shopped online or at cheaper chains like H&M.

    Residents also moved away from buying furniture or investing in expensive renovations, opting to refresh their homes with inexpensive items like frames and candles.

    Those shifts changed the buying and eating landscape in 2024. As of Dec. 20, Coresight Research tracked 48 retail bankruptcies in the U.S., compared with 25 during the same period a year ago. And at least 22 restaurant chains filed for bankruptcy this year, the highest number since 2020, according to BankruptcyData, a company that tracks filings.

    See a roundup of national retail trends from the AP.