Retail market research reveals consumer trends of 2018

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9th January 2018 16:03 - Retail

Retail market research reveals consumer trends in 2018

Retail market research reveals consumer trends of 2018: In order to track 2018’s consumer habits, a survey was conducted to find out what’s concerning shoppers.

Following the outcome of the Black Friday and post-Christmas sales, it’s evident that shoppers like a good bargain. However, with an uncertain economy looming ahead, retail experts predict that consumers will be more cautious this year.

Based on the views of 2,000 people, four key consumer behaviour trends were identified to help retailers understand what to expect in the run-up of the first quarter of their 2018 retail sales.

Firstly, over half (57%) of those surveyed feel less confident of the UK’s current political situation, compared to one tenth who feel more positive. With regards to the nation’s current economic climate, results from the survey showed similar readings as over half (51%) are worried about the UK’s economy, whereas 13% are not.  

However, regardless of an uncertain economy, over two fifths (45%) of consumers admitted that they plan to spend more, whereas around one fifth (21%) said they will budget more cautiously.

With regards to purchasing, 43% predict that they will spend more on food, in comparison to 16% who are determined to cut their spending habits. Ecommerce continues to be a contributing factor to retail sales, with just under one third (31%) of consumers expecting to spend more online, compared to shopping in-store. 

Commenting on the future of ecommerce, head of market dynamics at GfK, Joe Staton, said: “Retailers must ensure any transaction is frictionless, personalised and fast, irrespective of channel or location. Why prioritise one gadget over another when consumers expect and demand a seamless and similar experience however and wherever they choose to shop?”

In addition, consumers said that greater transparency of products makes them more inclined to spend their money. Out of those that agree with this statement, 15% said they are more inclined to purchase a product if they were aware that the product was made in an ethical and sustainable way and 9% said that just knowing where their product is made is another contributing factor. 

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