2024 Retail Insights from The British Retail Consortium’s Director of Insights

In the world of retail, the only constant is change. Kris Hamer, Director of Insights at the British Retail Consortium (BRC), the go-to trade association for all UK retailers, shared a comprehensive overview of the UK retail market. As part of the BRC Kris helps to deliver valuable industry intelligence and provide rigorous economic analysis. Kris’s Spring Fair 2024 session offered a glimpse into the economic health, growth indicators, emerging opportunities and evolving consumer spending habits that are set to shape the retail industry this year. Here are some of the need-to-know retail insights from his talk: 

 

Retail’s Revival 

 

The current economy offers both hurdles and opportunities for retailers. While GDP growth and inflation rates create uncertainty, there's still room for growth. Global taxes and supply chain issues make things tricky, but the market continues to offer real areas of opportunity. The health and beauty sector, for instance is booming despite logistics issues caused by politics and the pandemic. These challenges might change how people feel about spending, but they also create pockets of potential for retailers. Despite the ups and downs in the economy and changes in buying behaviour, brands can still find ways to shine by spotting key retail insights and seizing new opportunities. 

 

Shifts In Shopper Behaviour 

 

Consumer preferences are always changing, especially when the economy is uncertain. People are now spending their money differently, causing unexpected sectors to grow and evolve. Recent retail insights tell us that sectors like health and beauty have seen an increased demand as people prioritise self-care and wellness products. 

However, many other non-essential sectors still struggle with fluctuating consumer confidence and tightening household budgets. This means that retailers should look to adapt their strategies to meet changing expectations. Providing value for money, offering quality products, and ensuring a seamless shopping experience is a now more important than ever. 

 

 

Online or Out of the Game  

 

Although the pandemic accelerated the adoption of e-commerce shopping, retail insights tell us that consumers’ preference for online shopping has since continued to grow. As shoppers increasingly turn to online channels for their shopping needs, changes in their behaviour and preferences can now immediately be seen and tracked through online transactions. Making it easier for retailers to uncover insights and predict coming trends. However, with the fast uptake of online shopping, many brands are facing challenges with supply chain logistics and the rising costs of delivery fulfilment. 

To remain competitive in the online marketplace, retailers need to embrace digital transformation. This includes optimising e-commerce platforms for mobile transactions, streamlining checkout processes and enhancing online shopping experience from search to checkout.  

What’s In It for Your Business?  

 

Navigating success in retail is both filled with challenges and opportunities. While supply chain disruptions and rising costs might seem daunting, opportunities for growth still present themselves across the many sectors experiencing increased demand. In order to thrive, retailers need to be proactive in grabbing these emerging opportunities. Now, more than ever, they can and should leverage data and analytics to understand what customers really want. Using retail insights to inform product offerings and marketing strategies. By investing in technology and innovation, retailers can streamline operations and enhance customers’ experiences. 

By staying informed and adaptable to retail insights brands can position themselves for success in a rapidly changing environment. As the retail industry continues to evolve, we must rethink change as an opportunity for growth and innovation as an essential part of long-term success. 

For more retail insights and support, learn more about how you can get involved with the British Retail Consortium.