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

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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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