Brits to support local high streets this festive season

Despite the cost-of-living crisis causing consumers to limit their spending, 83 percent of British consumers stated “it’s critical to support local high streets” this festive season. Which will be a welcome relief for independent retailers, as 87 percent cited that the end of year sales are the most important commercial event of the year.

The findings are revealed in the new ‘The Seasonal Shopping Snapshot’ research report from Ankorstore, Europe’s fastest-growing curated marketplace, which analysed consumer spending ahead of the festive season and the ongoing rising cost of living pressures facing retailers and consumers.

Ankorstore reveals that more than half (54 percent) of British independent retailers are expecting an uptick in profits and sales volumes as they head into the festive shopping season, and that more than two-thirds (69 percent) remain optimistic consumers will continue to support their store in the months leading up to Christmas.

However, the research also adds that 60 percent of British consumers said that they will be spending less in shops and online due to rising costs, inflation and a pending recession. With millennials particularly feeling the pinch, with 67 percent adding that they will be spending less on luxuries and commodities as the cost-of-living crisis continues.

Consumers to spend less this Christmas

When it comes to present giving, 41 percent of consumers plan on buying fewer gifts for Christmas than they did last year, added the research, while 6 percent plan to buy no Christmas gifts at all. Over half of Brits (55 percent) said that quality was the most important attribute when it comes to finding the right present, followed by sustainability (30 percent), locally sourced (18 percent) and cruelty-free (14 percent).

Commenting on the findings, Mary Portas, British retail expert and broadcaster, said in a statement: “People know how critical it is to shop local. A whopping 83 percent of them. Independent retail has been through the wringer in recent years but most of us know we’ve got to do our bit to support it.

“Thriving retail help us all. Busy local high streets provide community and connection. Online retail provides employment, inspiration – and a whole heap of products that you don’t get in brands with a thousand stores. Let’s spend our money wisely this Christmas.”

When it comes to festive retail trends across Europe, Ankorstore notes that it is a similar picture to the UK, as 80 percent of retailers said that they are facing reduced consumer spending power, an increase in energy prices (46 percent) and increased competition from big chains and e-commerce websites (43 percent).

The research adds that retailers in the UK, Germany, France, Spain and Italy all refer to the same strategies to combat these challenges and save money. Almost two-thirds (63 percent) of retailers across Europe are planning to reduce their energy consumption by cutting back on heating and by stopping illuminating shops at night, while more than half (54 percent) will double down on their communication strategies via social media and flyers to encourage existing and new customers to shop, and 47 percent will limit stock buying and storage and instead restock last minute.

The Europe-wide research was carried out online by Vitreous World for Ankorstore with 570 independent retailers in the UK, France, Germany, Spain, and Italy in August/September 2022.