The Coresight Research Retail 2024 series of reports provides insights into the future of retail, focusing on key trends and forces shaping the industry. In the “Retail 2024: Five Forces and Five Trends Shaping UK Retail” report, Coresight Research examines the prospects for UK retail in 2024. Here are some highlights from the report:
Five Forces Impacting UK Retail in 2024:
Economic Transition: 2024 is expected to be a year of transition for consumers and retailers in the UK. Factors such as real retail sales growth, retail inflation, and overall (CPIH) inflation will play a crucial role in shaping the retail landscape.
Bank Rate Trends: The UK Bank rate from 2018 to 2024 will influence borrowing costs, consumer spending, and investment decisions.
Consumer Strategies: The report analyzes the proportions of UK consumers adopting specific strategies due to increases in the cost of living.
Grocery Market Share: It breaks down the UK grocery market share by retailer.
Fashion Retailers: The report identifies top fashion retailers preferred by UK 18–27-year-olds based on proprietary survey data.
Five Trends in UK Retail for 2024:
Digital Transformation: Retailers will continue to embrace digital technologies, enhancing customer experiences through online channels, personalized marketing, and seamless omnichannel integration.
Sustainability and Ethical Practices: Consumers’ growing awareness of environmental and social issues will drive demand for sustainable products and ethical business practices.
Health and Wellness: Retailers will cater to health-conscious consumers by offering wellness products, fitness wearables, and health-related services.
Localization and Community Engagement: Retailers will focus on building stronger connections with local communities, emphasizing community events and supporting local causes.
Supply Chain Resilience: The pandemic highlighted vulnerabilities in supply chains. Retailers will prioritize resilience, diversification, and agility.
Implications:
Brands and retailers should adapt to changing consumer behaviors and preferences.
Technology vendors can play a pivotal role in enabling digital transformation and supply chain resilience.
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