Home / Knowledge / News / Retail / UK retailers to battle for market share this year: PwC

UK retailers to battle for market share this year: PwC

22
Feb '19
UK retailers to battle for market share this year: PwC
British consumers will be cautious in their spending this year as they respond to uncertainty driven by Brexit and the wider economic environment, according to PwC’s 2019 Retail Outlook, which shows a period of continued slow or no growth for retailers in the country, with those looking to succeed needing a strategy to steal market share.

The PwC survey covered over 2,000 consumers about their spending habits, according to a company release.

About 60 per cent of respondents said Brexit has not, and will not, affect the amount they will spend for the year ahead. Respondents in the North East of the country were the least concerned, with 70 per cent saying their spending habits will be unaffected by Brexit.

Londoners are the most concerned, with 41 per cent saying they have already changed their spending, and a further 14% saying they will do in 2019.

The UK gross domestic product is expected to grow 1.4 per cent this year. However, growth in all three of the world’s major trading blocs—China, the United States and the Eurozone—are expected to slow, according to PwC. Real earnings are projected to continue increasing in 2019.

The report highlights three areas where retailers need to focus to increase their market share:

1) Investing in technology, specifically using artificial intelligence and data analytics to aid decision making and improve customer experience.

2) Increasing efficiencies across operating systems by transforming supply chains with the use of digital technologies to save costs.

3) Reviewing corporate structure to explore if mergers and acquisitions, divestments or partnerships/collaborations can improve their health.

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 21st Feb 2020

France unveils environment score system for apparel

France has launched a system under which apparel may now display a...

Pic: Asia Pacific Rayon

Textiles | On 21st Feb 2020

APR’s new viscose rayon production facility inaugurated

The president of Indonesia, Joko Widodo, has inaugurated Indonesia's...

Pic: II.studio / Shutterstock.com

Fashion | On 21st Feb 2020

Re-commerce gaining momentum in India

The hazards of fashion industry are well-known, and to curb its...

Interviews View All

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Software Firms, Head honchos

Software Firms
Head honchos

Blockchain technology will shorten lead times

Harmeet Singh,

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Lukas Hartmann,

Lukas Hartmann

Intex Consulting GmbH is a completely integrated enterprise resource...

Oliver Schmitz,

Oliver Schmitz

Germany-based Gmöhling is a leading manufacturer of aluminium containers...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Kevin Nelson, TissueGen

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Brad Holschuh, Wearable Technology Lab, University of Minnesota

Brad Holschuh
Wearable Technology Lab, University of Minnesota

A new study led by researchers at the University of Minnesota's Design of...

Amiben Shroff, Shrujan

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search