- Huw Hughes
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As the UK reopens and consumers can once again visit physical stores,
new research suggests that the lockdown will have long-term effects on the
way we shop.
In fact, an estimated 17.2 million British consumers plan to make
permanent changes to the way they shop, according to a new report by global
professional services firm Alvarez & Marsal (A&M) in partnership with
Retail Economics.
This will likely mean consumers who in recent months were forced to shop
online will continue to do so post-lockdown. The report forecasts that the
pandemic will generate an additional 4.5 billion pounds through online
sales in the UK in 2020 despite the squeeze on household finances.
It comes amid concerns over the safety of physical retail spaces. The
report, based on a major new survey of 6,000 consumers spanning six
European countries, found that people who perceive the risk of Covid-19 to
be “very high” are almost four times more likely to shift their long-term
shopping habits.
“Retailers are facing a make or break moment. The race is on to
transform operating models, product proposition and channel mix to ensure
these meet the demands of a new type of shopper. Those that emerge on the
other side will be stronger and more adaptable,” Erin Brookes, managing
director and head of retail, Europe, A&M, said in a statement.
Photo credit: Jeshoots.com, Pexels
