🎄Day 12 | Economic concerns over the next 6 months🎄
In Partnership with Retail Economics
💷 We're closing out our 12 Days of Insights series with a brief outlook for the next six months. As we head into 2025, over half of shoppers remain concerned about rising living costs, but this is an improvement from earlier this year.
📈 It’s important for retailers to stay on top of these shifting consumer priorities when planning for the next six months.
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https://lnkd.in/eawsqppDJosh Holmes | Richard Lim#FestiveInsights#RetailInsights#RetailTrends#Christmas2024
MRI Software's 12 days of insights are back and these have been derived from our latest Consumer Pulse report, which has been produced in partnership with Retail Economics. The report provides insights on channel preferences, retail destinations, workplace dynamics and the outlook for 2025. It's been designed to help retail brands and supporting sectors to better understand the changes in consumer behaviour which underpins the demand for bricks and mortar retail. As we look ahead to the next six months, it's important for retail stores and destinations to understand the pressures facing consumers so they can adjust their strategies accordingly. Over half of shoppers are concerned about the rising cost of living over the next six months. This is driven mainly by higher energy and housing costs as winter approaches. However, it's a significant improvement from when it was 60% in May 2024 and suggest growing consumer confidence as we head into 2025. One in five shoppers reported no concerns about the economy or their personal finances, and that suggests there's a stable outlook among a portion of the population. Almost a quarter of consumers are worried about insufficient savings for emergencies, while a similar proportion expressed concern over their reduced ability to save for long term goals such as retirement or home ownership. Under 45's are notably more affected by debt concerns, with 20% expressing worries about increased debt and loan repayment challenges, compared to just 10% of those over 45. This highlights the disproportionate impact of higher interest rates on mortgages, car financing, student loans and credit card debt for younger age groups. Don't forget you can subscribe here for the latest insights, news and benchmarks. The latest UK Consumer Pulse report will be available to download by the end of this year and contains the full, detailed findings of our recent consumer survey in partnership with Retail Economics.
