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Insight of the Day: Retail 2024: Five Forces and Five Trends Shaping UK Retail

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:

  1. 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.

  1. 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.

  1. 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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