The last 12 months have been turbulent for us all. Here we analyse the impact on the market:
Local and Independent Businesses: Consumers have shown a heightened interest in supporting local and independent businesses. This trend emerged during the pandemic as people recognized the importance of supporting their local communities. Consumers value the personalised service, unique offerings, and community impact that local businesses provide.
Health and Well-being: The COVID-19 pandemic has led to a greater emphasis on health and well-being. Consumers are prioritising products and services that promote physical and mental well-being. This includes increased demand for organic and natural food products, fitness equipment, health supplements, and mental health support services.
Rise of Food Delivery and Takeout: The popularity of food delivery and takeout services has continued to grow in 2023. Consumers are opting for convenient dining options, especially in urban areas. Delivery platforms and mobile apps have become integral to the food and beverage industry, with restaurants and cafes adapting their operations to cater to this demand.
Hybrid Shopping Experiences: Consumers are increasingly looking for a hybrid shopping experience that combines the convenience of online shopping with the benefits of in-store browsing. Retailers are integrating technology and creating omni-channel experiences to provide seamless shopping across various platforms.
Cost of Living: The cost of living in the UK has continued to rise in 2023. Factors such as inflation, increased housing costs, and higher energy prices have contributed to the overall increase in living expenses for consumers.
Shift in Spending Priorities: Consumers have become more conscious of their spending habits, prioritising essential purchases and focusing on value for money. Non-essential spending, such as luxury items or leisure activities, has been impacted as consumers are more cautious about their discretionary spending.
Continued Rise of E-commerce: The COVID-19 pandemic accelerated the adoption of online shopping, and this trend has continued into 2023. Consumers are increasingly comfortable purchasing products online, leading to a surge in e-commerce sales. Retailers have responded by enhancing their online presence and improving delivery services.
Sustainability and Ethical Consumption: There is a growing emphasis on sustainability and ethical considerations among UK consumers. They are more inclined to support businesses that demonstrate a commitment to environmentally friendly practices, fair trade, and social responsibility. Consumers are actively seeking out sustainable products and packaging, and they are willing to pay a premium for them.
For more information on how these trends have affected the market, audience behaviour and discuss the impact on your business drop us a note at connect@thirtytwenty.co
