3 retail trends to watch in 2023

A new report from research platform Attest has outlined potential retail trends that could shape the year ahead, with consumers expected to be divided on how they look to shop.

Now in its third edition, the company’s UK consumer trends report aims to track the sentiments and behaviors displayed by shoppers in the region.

For 2023, data revealed mixed feelings among consumers, with 46% feeling positive for the year ahead, compared to 30% feeling negative.

In a statement, Jeremy King, CEO and Founder of Attest, said changes to “core behaviors” were also evident in his report.

King continued, “Frugality lies between the necessary and the contemporary.

“This research paints a picture of consumers trying to respond to deteriorating economic conditions – with tectonic shifts in expectations, perceptions, channels and value – which means brands need to be aware of the needs more than ever. and changing consumer desires to succeed.”

Buyers are tightening their budgets for 2023

As expected, and in line with the rising cost of living, consumers are expected to cut spending for the New Year, with other bills, such as energy and gas, cited as the main cause of the shift . A total of 61% said they were tightening their budgets, while only 18% said they would spend “freely”.

Physical stores preferred by older shoppers

According to Attest, despite lower budgets, shoppers should still visit stores as often as “normal”. The platform saw a 6.2 point increase in the number of people shopping daily or weekly, a figure driven by baby boomers, more than 40% of whom said they now ‘mostly or always’ shop. at the store. Meanwhile, younger shoppers still seem to prefer online, with 47.2% of Gen Z leaning towards digital purchases, compared to 49.7% of Millennials.

Discount shopping at its peak

Attest noted that “creeping consumerism” was “outdated” in the report, calling frugality “cool” for 2023. While 40% of consumers said they were going to buy fewer things, 44% were looking to sell things. unwanted goods. Meanwhile, shopping at charity and discount stores is expected to increase, with 35% of consumers saying they would be “looking for a bargain” at these types of stores. Additionally, 23.5% of consumers further added that they would buy fewer fast fashion items in the coming year.

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