biggest retail trends for 2023

The three biggest retail trends for 2023 – The latest research from Sensormatic Solutions, the premier global retail solutions portfolio of Johnson Controls, reveals that cost-conscious consumerism by price-sensitive consumers, circular retail driven by environmentally conscious consumers, a revival in bricks-and-mortar demand, and circular retail as a result of sustainable consumers were among the emerging retail trends for 2023. 

biggest retail trends for 2023 – Despite economic challenges, cost-conscious consumption continues

Price will continue to be the key deciding factor for in-store purchasing in 2023 for 83% of UK consumers surveyed by Sensormatic, as the rising cost of living will continue to put pressure on household spending budgets.

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 In terms of the most important factors for consumers to consider in the upcoming year, price is followed by product availability and the variety of products supplied as well as in-store promotions.

 In reaction to the growing cost of living, more than 80% of UK consumers plan to be more frugal with discretionary spending in 2023. Additionally, three quarters indicated they would spend more time looking for discounts and promotions to ensure they saved money wherever feasible.


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Also Read:-Why have UK merchants had a good start to the year by adapting to shifting consumer habits? Check the crisis in cost of living…

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Retailing in circles gains popularity

Circular retail will become even more commonplace in 2023, according to original research conducted by Sensormatic Solutions’ Shopper Sentiment 2023 Report on more than 1,000 UK consumers. This demand is being driven by the Millennial and Gen Z demographics’ growing preference for sustainable retail formats.

Due to the continued emphasis on sustainability, over a third (35%) of Millennials in the UK will choose second-hand or pre-loved shopping sites as their primary channel for making purchases this year. In reaction to the cost-of-living issue in 2023, a further half (47%) indicated they would think about buying used or pre-owned things to save money. Over a third (34%) of people making over £100,000 annually want to purchase second-hand or pre-loved in 2023, suggesting that doing so is becoming more of a lifestyle choice than a cost-conscious one.

The resurgence of brick and mortar

According to a survey by Sensormatic, brick-and-mortar stores will once again be the primary source of purchases for 71% of UK consumers in 2023, followed by marketplaces with 60% of respondents, 61%, and direct online retailer websites. The digital demand boom that occurred both during the epidemic and afterward, when stores were shuttered during the lockdowns of 2020, was seen in many merchants’ most recent 2022 Christmas sales figures. While Seasalt said that store sales in the five weeks leading up to December 31, 2022, were up +24% in-store but down -2% online, fashion retailer White Stuff reported that store sales were up 25% year over year in December.

Wrapping up 

“We’re seeing a real mixed bag of phenomena taking shape that will influence customer behavior in 2023,” said Andy Sumpter, Sensormatic’s EMEA Retail Consultant. We anticipate that sustainable consumption, which is now a major trend, will continue to grow. Because price sensitivity among consumers is increasing and will only become worse as we get closer to 2023, businesses will need to think carefully about how they range and develop their green retail offering. Follow us on Instagram. This way you would never miss any updates from our Brand and News. 

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