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UK should be ready for post-lockdown spending boom: CACI
23 Feb '21
2 min read
Pic: Shutterstock
UK residents are optimistic about life post lockdown, according to recent consumer survey research by consumer and location intelligence specialist CACI, which found the United Kingdom should reap the benefits of an economic boost through a spending boom. Consumers responded positively to vaccine rollouts, with 86 per cent saying they would get the vaccine.
With 74 per cent of consumers’ finances having improved or stayed the same due to the pandemic, consumers are likely willing to spend once businesses reopen and people can move around more freely.
However, consumer behaviour has changed, as 88 per cent of respondents want to feel safe in stores, and 55 per cent of respondents would like to see safety precautions in place forever while shopping.
While one in five consumers plans to shift their fashion shopping online, an equal number intends to spend more on in-store purchases. Therefore, shopping malls and retailers need to create more omnichannel options for consumers, said CACI.
Sustainability and brand ethics have become increasingly important to consumers throughout the pandemic, with 67 per cent of respondents saying that the contribution a brand makes to overcome global challenges transparently will affect where they spend their money.
“The nation can now see a way out of the pandemic, and for a large part of the population, the successive lockdowns have given them the chance to save money as there has been little opportunity to spend,” stated Alex McCulloch, director of CACI property consulting group, in a press release.
“While it is highly promising that economic confidence is taking a turn for the better due to the vaccines, the data also shows it is key that destinations and brands do not revert to old behaviours and attitudes because consumer behaviour has changed permanently,” he said.
With 74 per cent of consumers’ finances having improved or stayed the same due to the pandemic, consumers are likely willing to spend once businesses reopen and people can move around more freely.
However, consumer behaviour has changed, as 88 per cent of respondents want to feel safe in stores, and 55 per cent of respondents would like to see safety precautions in place forever while shopping.
While one in five consumers plans to shift their fashion shopping online, an equal number intends to spend more on in-store purchases. Therefore, shopping malls and retailers need to create more omnichannel options for consumers, said CACI.
Sustainability and brand ethics have become increasingly important to consumers throughout the pandemic, with 67 per cent of respondents saying that the contribution a brand makes to overcome global challenges transparently will affect where they spend their money.
“The nation can now see a way out of the pandemic, and for a large part of the population, the successive lockdowns have given them the chance to save money as there has been little opportunity to spend,” stated Alex McCulloch, director of CACI property consulting group, in a press release.
“While it is highly promising that economic confidence is taking a turn for the better due to the vaccines, the data also shows it is key that destinations and brands do not revert to old behaviours and attitudes because consumer behaviour has changed permanently,” he said.
Fibre2Fashion News Desk (DS)
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