Performance was better than expected, despite low expectations set by analysts and the press. Consumers took advantage of early November deals and switched to shopping instore, buying money-saving items.
To some extent all customers will feel the impact of the of rises in tax and spending cuts and will be worse off next year and this will mean hard times for retailers.
Thinking of your customers as ‘new’ or ‘existing’ could be hindering your sales performance.
Black Friday is less than a month away, with many retailers having set their plans months in advance. But against a backdrop of a constantly changing macro-economic environment, the question of price discounts as a valid tactic is a hot topic. Would retailers be better advised to protect margins rather than sales volumes?
Consumers are more and more turning to the German discount supermarkets, Aldi and Lidl, as a way to save money on their weekly food shop, due to the cost-of-living crisis. Reward’s payments dataset of over 10M UK cardholders allows us to track how consumers are switching their grocery shopping habits.
As UK fashion sales continue to suffer, are retailers prioritising budgets over investment in brand perception and a fully integrated shopping experience?