As energy prices soar and inflation hits a 30 year high, millions of British households have embarked on a hunt for bargains and discounts.
In fact, 41 per cent of shoppers stated that they would actively look for bargains as they prepare to tighten their belts; with a further 35 per cent of shoppers saying that they’d buy cheaper or value brands to make their money go further.
Research conducted by YouGov on behalf of Manhattan Associates and shared With City A.M. this morning shows that retailers need to do more to lure shoppers back to their stores, with almost a quarter (23 per cent) saying they will continue to shop online even after all restrictions are due to be removed on 24 February.
“Due to the rising costs of living in the UK, retailers will be presented with an altogether new set of challenges over the coming months as shoppers look to cut back on their spending,” explained Craig Summers, UK Managing Director, Manhattan Associates.
Summers told City A.M.: “After a strong start to the year with the January restrictions eased, the coming months will be challenging for retailers who face inflationary pressures of their own, such as, raw materials, packaging, transport, energy and labour costs.”
“Retailers will need to find ways to increase efficiencies at the back end in order to limit price rises, maintain consumer confidence and encourage repeat spending by passing savings back to their customers,” he concluded.