Pre-loved and charity store shopping on the increase
While it seems consumers in the UK are increasingly likely to take part in a loyalty initiative, (see research from Cheetah Digital previous article) this doesn’t mean they are embarking on big spending sprees.
Research from Attest,in their third annual UK Consumer Trends report found that only a slim majority of British consumers (46%) are feeling positive ahead of 2023; by contrast, 30% feel negative as they head into the New Year. Spending is being curbed by rising energy prices, and the rising cost of food. Only 18% claim they are spending “freely” so this is curbing entertainment and eating out expenditure also.
One interesting trend is that older shoppers are returing to stores, which may impact Amazon next year. There is also a 6.1% increase in people shopping daily.
Rampant consumerism is going out of fashion, with discount shopping on the rise:
- Frugality is cool for 2023; 40% of consumers say they are buying fewer things and consuming less – that’s an 8.5 point increase from last year.
- Meanwhile, 44% of consumers will sell their unwanted goods, meaning the pre-loved market could be booming next year.
- Shopping at charity and discount stores will also be a big trend in 2023, with 35% of consumers saying they’ll be hunting for a bargain in these shops to combat the rising cost of living.
- The environmental effects of fast fashion have been in the spotlight lately and it seems to have had an impact also. A net -23.5% of consumers say they will buy fewer fast fashion items in 2023.
Jeremy King, CEO and Founder of Attest, said of the research: “As we enter the new year, Attest’s research finds the British consumer in an important and high-value state of flux. 61% of Britons are pulling back on their overall spending, affecting everything from where and how they shop to what they eat.”
“Changes to fundamental behaviours are afoot also. 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.”
About this research
All figures within this press release are conducted via research on the Attest platform. The total sample size for this research was 1,000 nationally representative working-age consumers based in the United Kingdom. The survey concluded on 14 November 2022.