During the session “U.S. Economic Outlook for 2025 and Beyond,” Weinandy characterized 2024 as a year of uncertainty when reflecting on the previous 12 months.

“This year, the word is ‘uncertainty’ to describe the economy. My metaphor for how the economy is performing is that it’s a cargo ship that’s navigating through narrow straits amid foggy conditions. Over the past year, the economy has made slow and steady progress. It’s been advancing, but there’s actually not much room to maneuver,” said Weinandy. “There are rocks on both sides, there are dangerous things that might happen, but so far, we’ve been able to keep chugging along. But amid the foggy conditions, it’s going to become even more difficult to navigate. This is creating uncertainty. The ship is navigating through the strait amid all these uncertainties.”

He noted that on a positive note in 2024, the job market was strong with unemployment at 4.1%, and wages grew by 1.4% after adjusting for inflation.

Looking at 2025, Weinandy predicted a “50/50 chance” of a recession, citing political uncertainty and potential policy impacts as key factors impacting the economy. He also highlighted headwinds like potential tariffs and tailwinds like low unemployment that could influence the economy’s direction.

To prepare for what 2025 may bring, Weinandy provided a few recommendations for retailers:

• Diversify revenue streams beyond traditional fuel sales.
• Develop more engaging loyalty programs.
• Increase digital marketing efforts (websites, social media, email marketing).
• Adapt to changing consumer behaviors.
• Focus on providing value to price-sensitive customers.

Look for exclusive NACS State of the Industry Summit coverage and insights in the June 2025 issue of NACS Magazine.

About NACS
As the leading global trade association for convenience and fuel retailers, National Association of Convenience Stores (NACS) advances the role of convenience stores as positive economic, social and philanthropic contributors to the communities they serve and is a trusted adviser to its retailer and supplier members from more than 50 countries. The U.S. convenience store industry, with more than 152,000 stores, conducts more than 160 million transactions daily and had sales of $860 billion in 2023. For more information, visit www.Convenience.org. Follow NACS on LinkedIn, Twitter, Facebook and Instagram.

Company Contact:
Chrissy Blasinsky
Digital & Content Strategist
703-518-4296
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Media Contact:
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703-518-4272
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