The 2023 U.K. Retail Forecast
U.K. consumers and retailers alike are facing economic headwinds, but there are multiple tailwinds to offer optimism for the year ahead. We have listened to over 1,000 U.K. consumers on their attitudes to personalization, privacy, messaging, loyalty and the rising cost of living, and the results are clear – they will trade behavioral data for a more individualized service, pay more to purchase from preferred retailers, and will be making less impulsive purchases and turning to loyalty benefits as the monetary concerns increase.
The breadth of data, combined with advice will empower retail marketers to the trends impacting consumer purchasing behavior in the U.K. and how to deliver relationship marketing strategies that foster long-lasting connections between retailer and buyer. It’s a must have resource for any retail marketer active in the U.K.
Here’s a taster of what you will find in the report:
Over half of U.K. consumers have browsed products in-store, but purchased later online. 58% of consumers use their mobile in-store to research product reviews.
of U.K. consumers prepared to pay more to purchase from their preferred retail brands.. Almost two-thirds of consumers (63%) cite the loyalty program of their favorite retailer 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.