The UK should be ‘ready for a spending boom’ once lockdown lifts
UK residents are optimistic about life after the lockdown. According to recent consumer survey research, the UK should reap the benefits of an economic boost through a spending boom.
Research indicates that consumers responded positively to vaccine rollouts, with 86 percent saying they would get the vaccine, according to consumer and location intelligence specialist CACI.
With 74 percent 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, 88 percent of respondents want to feel safe in stores, and 55 percent of respondents would like to see safety precautions in place forever while shopping.
Shift to online
While 1 in 5 consumers plan to shift their fashion shopping online, an equal number intend to spend more on in-store purchases. Therefore, shopping malls and retailers need to create more omnichannel options for consumers, states CACI.
Sustainability and brand ethics have become increasingly important to consumers throughout the pandemic, with 67 percent 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.
“Destinations and brands must work hard to understand the changing mindsets of their target audiences and communicate in ways that resonate. We need to plan for where customers will be, not where they are now.”
Photo credit: CACI