Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Business > Evolving consumer trends: 2019 and beyond
    Business

    Evolving consumer trends: 2019 and beyond

    Evolving consumer trends: 2019 and beyond

    Published by Gbaf News

    Posted on August 2, 2019

    Featured image for article about Business

    By Peter Smedley

    The consumer sector is probably the area of the economy that has seen the most disruption from new business models and been the subject of most speculation regarding its health due to economic uncertainty. Yet consumer spending and confidence have remained robust, largely due to rising real wages and record low levels of unemployment, which is helping to dampen the impact of more negative factors such as concerns around Brexit. Sector transformation is set to accelerate, as companies continue to try and keep up with fast-changing consumer demand. The rapid rise of e-commerce – though physical stores will still have a role to play – and the exponential growth of socially conscious consumption habits are likely to be two of the dominant trends shaping the landscape in recent years and will result in the emergence of a very different consumer sector.

    UK consumer confidence remains robust

    Consumer confidence stabilised in H1 2019, but remains considerably below its two year average as consumers remain unsettled by political and economic uncertainty, with many shoppers stalling their spending. That being said, falling inflation, rising real wages, and record employment levels are strengthening consumers’ finances, partially countering Brexit fears. At the end of 2018 the spending power of British workers had increased to its highest level in two years, following the biggest rise in real pay since September 2016.

    Rapid rise of e-commerce set to accelerate

    The seemingly unstoppable rise of e-commerce in recent years it set to accelerate as consumers constantly look online as opposed to the high street.Recent industry reports estimate that between 2020 and 2030, half of the UK’s existing brick and mortar shop premises will be gone, with 100,000 store closures, leaving only 120,000 premises left on the UK high street. In this same period, e-commerce is predicted to account for 40% of UK retail sales.[i]

    The UK is certainly a market leader in global e-commerce, with 95% of UK consumers shopping online at some point. Amazon is now the fifth biggest retailer in the UK accounting for £4 in every £100 spent in retail in the UK last year. [ii]At the same time,independent UK retailers are taking advantage of this trend through their own online sites. Some 25% of John Lewis’ sales now come through its website while some £2.9bn of Tesco’s revenue is online, which is second only to Amazon.

    Physical stores still have a role to play

    There is no doubt that an online presence is vital for retailers.Yet this does not mean that physical stores should be abandoned or neglected. Brands that invest in their in-store experiences reaping the benefits on their bottom line. For example, a key mistake made by Toys R US was to position the company’s stores as locations to ‘go and buy toys’ as opposed to shops to experience toys and fun activities, which consequently led to the company losing out to online competitors. Virgin Holidays provides an example of a company offering an immersive in-store experience with customers being able to try upper-class seats that have been set-up in shop as well as use virtual reality goggles to preview their potential holiday experience.[iii]Acquisitions of physical store operations by e-commerce giants Amazon, JD.com and Alibaba show that they still value a physical presence and that this is still important. Online is definitely the way forward, but retailers are not rushing to simply abandon the high-street, rather many are realising that if they use their physical outlets to offer unique customer experiences it will help draw customers in and boost sales.

    Conscious consumerism and healthy eating are key drivers

    Alongside e-commerce, the other significant trend driving consumer spending is the rise of the socially conscious consumer alongside a focus on healthy produce. Some 75% of the British public say that they modify their consumption due to social concerns and have become more conscious about their use of consumer items including plastic, non-recyclable materials, dairy, meat, sugar, salt, gluten, palm oil, travel, clothes and products that have been tested on animals.[iv]

    Plastic concerns the UK public the most with 46% actively reducing their plastic usage. It’s not just the younger generations that are driving this this with 65% of 75+ year olds consciously trying to reduce their plastic waste. Brands have already begun to take advantage of these trends. Key examples include: Iceland with its stance against palm oil and promise to go plastic-free by 2023, Tesco launching its own brand vegan range and PretA Manger boosting its veggie Pret offering through its acquisition of EAT. Brands which don’t take this quickly growing trend into account will see their market share erode quickly going forward.

    A very different consumer sector is emerging

    A more ethical, value driven approach by consumers, raised expectations around customer experience and the disruption caused by digitally native businesses is fashioning a very different consumer sector. It is a sector where customers’ buying decisions are more than ever swayed by the values displayed by  companies and where trust is increasingly hard to foster as customers expect transparency, authenticity and ethics. Consumers also expect contextualsied, tailored engagements cross multiple touch points. These may appear tough metrics to meet, but those consumer businesses that match or surpass them will be the companies that survive and thrive in the new era of retail.

    [i]https://www.parcelhero.com/content/downloads/pdfs/high-street/deathofthehighstreetreport.pdf

    [ii]https://www.retailgazette.co.uk/blog/2018/04/amazon-now-5th-largest-retailer-uk/

    [iii]https://www.marketingweek.com/2018/08/08/virgin-holidays-beyond-bookings/

    [iv]https://www.walnutunlimited.com/rise-of-the-conscious-consumer/

    Related Posts
    Why Email Deliverability is a Business Risk Your Company Can’t Afford to Ignore
    Why Email Deliverability is a Business Risk Your Company Can’t Afford to Ignore
    Five questions to ask before stepping into Employee Ownership
    Five questions to ask before stepping into Employee Ownership
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    How Investability Helps Companies Navigate Transformational Times
    How Investability Helps Companies Navigate Transformational Times
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Reducing Freight Costs to Drive Global Trade Expansion
    Reducing Freight Costs to Drive Global Trade Expansion
    The Psychology of Music in the Modern Workplace
    The Psychology of Music in the Modern Workplace

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Previous Business PostOrganisational agility is critical to financial services performance
    Next Business PostMSc Global Central Banking and Financial Regulation

    More from Business

    Explore more articles in the Business category

    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses

    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    2025-2030: The Next Technological Innovations for Business

    2025-2030: The Next Technological Innovations for Business

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    E-commerce Customer Service: Tips

    E-commerce Customer Service: Tips

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    Hurt at Work? 5 Financial Facts You Need to Know

    Hurt at Work? 5 Financial Facts You Need to Know

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Empower Your Workforce With Financial Wellness This Labor Day

    Empower Your Workforce With Financial Wellness This Labor Day

    View All Business Posts