3 Aug 2020
Five behavioural trends to take note of as the high street re-opens
The latest signs of economic recovery look promising. So promising that Andy Haldane, The Band of England economist, believes that the UK economy is growing at 1% a week. The V-shaped recession thought to be unlikely just a month ago now seems to be very much on the cards again.
Retail has been a big motor for this mini-recovery. People have been returning to the high street in large numbers with UK retail sales near pre-lockdown levels in June. According to the ONS, the amount of goods sold last month increased by 13.9% in June compared to May. The trend has continued in July as the reopening of shops supports pent-up demand punctuated with the roll out of marketing activity and campaigns to support retail in its reawakening mode.
The worry remains that the recovery may stall due to consumer confidence dipping. Consumers need to also have their safety concerns addressed. A real understanding of new behaviour is critical to maintaining momentum. So what are the key behavioural trends that retailers and brands should take notice of?
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The photo that accompanies this article by Tim Mossholder from Pexels