3 Retail trends to look out for in 2023
A new report by research platform Attest has outlined the potential retail trends that could shape the upcoming year, with consumers set to be divided in how they are looking to shop.
Now in its third edition, the firm’s UK Consumer Trends report is set out to track sentiments and behaviours displayed by shoppers in the region.
For 2023, the data revealed contrasting sentiments among consumers, with 46 percent feeling positive for the year ahead, compared with 30 percent feeling negatively.
In a release, Jeremy King, CEO and founder of Attest, said changes to “fundamental behaviours” were also evident in its report.
King continued: “Frugality is on the spectrum between necessary and contemporary.
“This research paints a picture of consumers trying to react to worsening economic conditions - with tectonic shifts in expectations, perceptions, channels and value - meaning brands now more than ever need to be on top of the changing needs and wants of consumers to succeed.”
Shoppers tighten their budgets for 2023
As expected, and falling in line with increasing cost-of-living, consumers are said to be pulling back on spending for the new year, with other bills, like energy and petrol, cited to be the biggest cause of this shift. A total of 61 percent said they were tightening their budgets, while just 18 percent reported they would be spending “freely”.
Physical stores favoured by older shoppers
According to Attest, despite smaller budgets, shoppers are still expected to be going to the shops just as frequently as “normal”. The platform found a 6.2 point increase in people shopping daily or weekly, a figure that was driven by Boomers, over 40 percent of which stated they were now “mostly or always” shopping in-store. Meanwhile, younger shoppers still seemingly favoured online, with 47.2 percent of Gen Z leaning towards digital shopping, compared to 49.7 percent of Millennials.
Discount shopping to have its heyday
Attest noted that “rampant consumerism” was going “out of fashion” in the report, naming frugality “cool” for 2023. While 40 percent of consumers said they were going to buy fewer things, 44 percent were looking to sell unwanted goods. Meanwhile, shopping at charity and discount stores is set to be on the rise, with 35 percent of consumers stating they would be “hunting for a bargain” in these store types. Additionally, 23.5 percent of consumers further added they would buy less fast fashion items in the coming year.