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UK retailers to battle for market share this year: PwC
22 Feb '19
2 min read
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.
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
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