UK Consumer Trends Index 2023
With the U.K economy predicted to enter recession in early 2023, listening to consumers and knowing how they are going to adapt their purchasing habits has never been more important. That’s why we surveyed over 1,000 U.K. consumers on everything, from what channels they like to purchase from, why they’ve left a favored brand and the data they’re prepared to share in return for more personalised experiences.
Marigold’s latest research digs deep into what U.S. consumers expect from the brands they do business with online, the channels they prefer to connect on, what value exchanges elicit engagement and how they will amend their purchasing behavior due to rising inflation. The added layer of filtering by age groups shows the sometimes stark differences between generations when it comes to marketing channels and reinforces the need for brands to truly personalize their relationship marketing efforts with their addressable audience. It’s a must have resource for any marketer active in the U.S.
This version follows the Global report version, as well as a specific European report that is also available. Expect more reports to launch soon that are built on this extensive research project, including age and vertical specific guidance papers sharing examples and suggestions of how to map your strategy to consumers’ behavior.
Here’s a taster of what you will find in the report:
Over half of U.K consumers have made a purchase directly from an email they received in the last year – outperforming banner ads by 200%. As brands own their database, it is not only one of the highest converting channels, but is also comfortably the most cost-effective.
Brand loyalty is on the rise, with 62% of consumers prepared to pay more to purchase from their preferred brands. Almost two-thirds of consumers (63%) cite the loyalty program of their favorite brand as either important or critically important to winning their lasting loyalty.
Almost three-quarters of consumers in the U.K. are “very pessimistic” about the rising cost of living. As a result, 62% of consumers will be making less impulsive purchases and 46% will rely on loyalty benefits more than previously to make purchases.