Retail Technology Show 2024 research: Brits empty Covid coffers as cost-of-living crisis continues to hit hard
45% of UK consumers have been using savings accumulated during Covid-19 lockdowns to offset the cost-of-living crisis, according to new research from Retail Technology Show 2024, which will place on 24th and 25th April at London’s Olympia.
RTS 2024 research of over 1,000 UK adults revealed that on average British consumers built up a Covid saving pot of £4,805, with Millennials reporting the highest levels of lockdown savings, amassing an average of £5,862.50 while Boomers reported the smallest pots at £4,069.20.
Despite the Governor of the Bank of England, Andrew Bailey, insisting the economy was showing signs of recovering from a mild recession, 26% of respondents expect the cost-of-living crisis to last beyond 2026, with a fifth expecting it to end in 2025.
While the British Retail Consortium’s shop price index revealed food inflation had slowed to its lowest rate for nearly two years, 45% of consumers report using Covid savings to supplement their lifestyle, top up household budgets or cover rising energy bills, with a third swing their lockdown savings have now or will shortly be spent.
Accordingly, 48% identified themselves as being increasingly price sensitive, with 38% becoming more considered about each purchase they make and 35% spending more time searching for deals or the best price before purchasing.
Conversely, 36% say they haven’t yet spent their Covid-19 savings post – increasing to 50% of Baby Boomers and 42% of Gen X.
However, credit rating agency, Fitch Ratings, predicts that while these households have untapped savings, high interest rates will continue to inhibit spending propensity, meaning their excess savings will go unspent.
Matt Bradley, Event Director at Retail Technology Show, comments: “The British consumer has shown extraordinary resilience in the face of ongoing pressure on household budgets and unsurprisingly shoppers are prioritising price and value when it comes to retail spending.”
“In such a price sensitive environment retailers and brands are rightly focused on technology and strategies that can deliver cost savings and efficiencies while maximising customer experience to retain loyal shoppers and protect revenue.”
Set to speak on the Headline Stage at RTS 2024, Richard Lim, CEO at Retail Economics, will share insights into the economic outlook for the UK retail industry for 2024 before being joined by speakers from Holland & Barrett and Co-op Food in a session focused on how retailers are responding in such a highly challenging and unpredictable economic environment.
RTIH at RTS 2024
RTIH will have a major presence at Retail Technology Show 2024.
Feel free to drop by our stand (5C02) where you will be able to pick up a copy of the latest issue of our printed magazine, and meet our Editor and Founder Scott Thompson.
Copies of the magazine will also be available at various distribution points across the showfloor.
ADVERTISE IN OUR RTS 2024 MAGAZINE
This bumper edition of our magazine focuses on the 2023 RTIH Innovation Awards, the second RTIH Retail Technology Innovation Report, and the RTIH Top 100 Retail Tech Influencers List.
On Wednesday, 29th November, we announced the winning submissions for the 2023 RTIH Innovation Awards, sponsored by PMC, FreedomPay, Worldpay, CADS, 3D Cloud by Marxent, Goodays, and Vista Technology Support.
Our winners were revealed during an event which took place at the Barbican Centre in central London and included a drinks reception in the stunning Conservatory, followed by a Christmas themed three course meal, and awards presentation in the Garden Room.
The latest edition of the RTIH Top 100 Retail Technology Influencers List, sponsored by 3D Cloud by Marxent, will make its debut in the magazine. We will be bringing you the people who made a splash in 2023 and are set for a barnstorming 2024.
RTIH has scoured the retail technology world to find the most influential figures for this comprehensive list of people and trends that shape the industry and help drive it forward. Enjoy!
And last but certainly not least, we’re pleased to announce the launch of our second Retail Technology Innovations Report, also sponsored by 3D Cloud by Marxent, which provides 3D product visualisation software trusted by top furniture and DIY retailers.
This highlights the top 50 retail tech plays of the past 12 months as decided by our Editor, Scott Thompson, and an independent advisory panel.
We were looking for groundbreaking technology deployments, launches, and pilots from across the omnichannel retail landscape, be they payments, supply chain, online, mobile, physical store etc related.
Innovation and technology play a critical role in the success of the retail sector, and it is great to celebrate this with our report.
To advertise in our magazine and boost your presence at Retail Technology Show 2024, please complete the below form and we will get back to you asap.
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