In the last 18 months, our spending habits have changed dramatically as the global epidemic has forced the retail world to go online.
In addition to the ever-increasing acquisition of the digital world, the retail sector has been significantly transformed to appeal to a new kind of consumer, the high-end store and the way we purchase products will never be the same.
Savoo conducted a survey with customers to find out the current state of the retailer, consumer attitudes towards shopping and what we can expect from this attitude in 2022.
A hybrid of retail, housing and hospitality.
The High Street is no longer just made up of retail space. Residential accommodation and office space are rapidly filling up with high streets as well as local services and hospitality.
A study conducted by SAVOO found that, on average, residential areas make up the largest portion of the High Street (53%) and retailers occupy 34% of the UK High Street.
Greenwich High Street has the largest residential area (75%) while Selby has the largest retail space (63%).
% Of high street space retail:
- Selby – 63%
- Nosle – 59%
- Shetland Islands-
- Richmondshire – 53%
- Barrow-in-Furnace – 53%
- % Of residential area on high street which is residential:
- Greenwich – 75%
- Hammersmith and Fulham – 75%
- Harinji – 75%
- Portsmouth – 74%
- Lambeth – 73%
% Of office space on high street which is office space:
- Martha’s Tidefill – 38%
- East Ayrshire – 37%
- Redditch – 36%
- Newcastle – Low – Lime – 36%
- Harboro – 34%
Prior to Covid-19, 59% of Britons shopped in real life at least once a week, with more than a quarter (27%) of people buying high street items at least 2-3 times a week.
Nowadays, the number of people shopping on the High Street at least once a week has dropped by 16%, as only 42% of customers return to shop there weekly. In fact, a quarter of consumers (25%) spend less than once a month on high streets.
Daily High Street purchases have dropped 3% from the previous 8% of the lockdown before Covid-19 – and are currently recovering just over 1%.
Consumers will deliberately buy online instead of buying individually, as well as analyze Savoo data to find global changes in the e-commerce market in the coming years.
For both British and German, in-store shopping is still their preferred shopping option, with most respondents claiming that they have not completely switched from offline to online shopping for any product or service (35% and 47%, respectively).
About three in five Britons believe the High Street is still important
A survey conducted by Savoo reveals that:
- 20% of the UK use the High Street as their main way of shopping
- 20% of Britons shop across the High Street and online equally (50/50)
- 38% of the UK acknowledge the importance of highways and only occasionally shop online
- 21% of Britons use online as their only way to shop
As the pressure to shop online continues, many UK residents are still unwilling to give up high street shopping. 59% of shoppers in the UK say that High Street is still their main way of shopping, compared to only 21% who say internet is their main way and only a small 4% who admit that all their shopping is done online.
Having said that, interestingly 62% of customers say they find better deals online. Despite this, 42% also claim that they spend more money when shopping on the internet, which may be due to the fact that we can spend more time on the site and need to buy more options because we do not have the experience to try something in real life.
Savoo found that consumers wanted the most important things from their shopping experience:
- Looking for a big deal – 49%
- Seeing, touching and trying an item in person – 36%
- Speed and convenience – 33%
- Easy to find a product – 29%
- Buy something from the comfort of your own home – 25%
The least important thing listed is the financing options available, such as an in-store credit card or Buy Now Pay Later, considered by only 8%. However, as clarinet preferences become more popular, this may change in the coming years.
Primark is the country’s favorite high street shopping destination
High Street is home to some of the most famous British clothing stores. Not only sound education but his alertness and dedication too are most required.
With so many stores closing, there are some that we keep closer to our hearts than others and are upset to see them go.
Here are the top five favorite British shops on High Street that we would love to see close:
- Marx and Spencer
- John Lewis
Now priced at £ 1.1 B, more than 20 million customers were buying men’s and women’s clothing from Primark in 2020 alone.
Marks & Spencer are second and Tesco in the top three.
In addition to our high street favorites, we only have online sites that we visit regularly, many of us had a dream to go to the store and enjoy the real shopping experience.
Savoo’s research also found that if the public could go to an online store for bricks and mortar, their choices would be:
- Amazon – 47%
- EBay – 16%
- ASOS – 7%
- Shin – 7%
- Buhu – 5%
Ed Fleming, Savory’s managing director, commented “Since the outbreak of COVID-19, High Street will never be the same again because it has accelerated the online shopping movement that has already begun to make waves before 2019 and 2020,” he said. The future of retail is not only in the hands of consumers – retailers also have a huge role to play in shaping the future of the customer experience.
With online retailers offering delivery the next day or even the same day without shoppers leaving their homes, now is the time to adapt to the demands of high street consumers and find out the main reasons why consumers still go to physical stores.
The epidemic has led to a change in shopping, which is to stay here. Consumers are now looking to support local businesses instead of chain stores and travel less on high streets.
To survive on the High Street and to remain a staple in British culture, the shopping experience should be paramount for retailers. Stores should be given an experience that people can’t get online or on their phones if they want to attract customers.
While some consumers are returning to the high street, retailers need to consider that there are reasons now. As more competitors pop up in online spaces, it should be noted that shoppers value personal experiences that can only be offered on the high street. “