January blues? Not for UK shoppers!
It was announced in January that the UK economy grew by 1.9% in 2013, which, according to the Office for National Statistics (ONS) is the strongest rate since 2007. January 2014 also saw the highest retail footfall since December 2011 (BRC/Springboard). More shoppers were out and about with a solid 1.6% overall rise in footfall across the country. It is suggested that this was driven by shoppers enthusiastically checking out the promotions and bargains during the January sales.
While Springboard suggest that this was seen due to shoppers enjoying the sales season, our Continuous Shopper Insights research suggests that it could be just a sign that shoppers are becoming more optimistic and it is a sign of positive things to come for the retail industry. This optimism appears to be an on-going trend, as we saw a 5% decrease in shoppers expecting grocery prices to rise over the next year compared to the average from the last quarter.
Shoppers appear to be stabilising out; this optimism is not just about the January sales. Shoppers and are no longer just focusing on finding the cheapest items, therefore, retailers should consider putting emphasis on other factors rather than just low prices!