January 2024: Monthly Consumer News Roundup

Welcome to Traub's roundup of recent consumer and retail news.

Each month, we'll be sharing a compilation of the biggest news stories from all corners of the consumer landscape, from CPG, retail, beauty, tech, hospitality, real estate, deals, investments and more.

Here's our roundup of recent news articles: 

Wayfair, Google, Amazon, Duolingo Cut Hundreds Of Jobs: Here Are The 2024 Tech Layoffs

There's emerged a string of corporate layoffs this year at Google, Amazon, Discord and Duolingo, as businesses look to “rightsize” their workforces and cut costs, following up on a parade of layoffs in 2022 and 2023. TechCrunch

Americans Are Suddenly A Lot More Upbeat About the Economy

Consumer sentiment gauge posted the largest two-month gain since 1991. WSJ

Celebrity beauty brands have exceeded $1 billion in sales

As of early November 2023, brands hit $1.091 billion in sales, up 57.8% YoY, surpassing the total beauty category’s overall growth of 11.1%. Retail Brew

Macy’s to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores

The legacy department store is trying to reduce costs and boost slowing sales as Bloomingdale’s CEO Tony Spring prepares to take over the Macy’s CEO role from the outgoing Jeff Gennette. CNBC

The buy now, pay later holiday debt hangover has arrived

Buy now, pay later helped fuel record holiday spending online, surging 14% year over year, but now that those bills are coming due, consumers aren’t sure how they’ll pay them. CNBC

Target Is Creating a Mix-and-Match Wellness Experience In Stores
The retailer said it would launch more than 1,000 new wellness products this year across categories, including skin care, nonalcoholic beverages, fitness and most notably supplements. WWD

Shoppers Prefer Staying Outdoors. That’s More Trouble for Malls.

Bath & Body Works, Foot Locker are among retailers ditching malls for strip centers, other shopping outlets. WSJ

Netflix’s Risky Move Pays Off With Surge in Subscriptions

Netflix’s latest earning report revealed that the company added 13 million subscribers during the last quarter of 2023, more growth than any quarter since 2020. Time

Madison Avenue Is on a Luxury Roll

The nation's longest luxury venue continues to attract high-end businesses ranging from designer shops and restaurants to hotels and galleries. WWD

Chipotle targets Gen Z workers with latest benefits

The chain, whose workforce is 73% Gen Z, hopes to appeal to the demographic’s economic insecurity and hire 19,000 workers by spring. Restaurant Dive

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