Over half (55%) of UK consumers still engage with the fashion brands they love, even if they can’t or aren’t buying from them currently, with a view to purchasing from these favourite brands again once their financial situation improves, according to the latest research from Centra, the specialist e-commerce platform for fashion and lifestyle brands.
Original research of 1,000 UK consumers reveals, after more than two years of the cost-of-living crisis negatively impacting disposable income, 64% of consumers are buying fewer fashion, apparel and lifestyle products. Rather than investing in new fashion items, a quarter (25%) are buying more pre-loved or second-hand items, while another quarter (25%) are reducing fashion spend by choosing lower cost items or accessories to update their wardrobe.
While shoppers’ spending signals might be giving retailers the impression they have become lapsed customers, 53% say that, despite buying less from the brands they love, they still engage with them by viewing new products, watching or reading brand content and following on social media. A further 23% say that despite spending less often they remain loyal to their favourite brands, increasing to nearly a third (29%) of Millennials – highlighting the importance of investing in – and maintaining – customer relationships.
With GfK’s Consumer Confidence Index increasing by one point to -13 in July 2024, Centra’s research highlights the items UK consumers are looking forward to buying. The top five items UK consumers will prioritise purchasing as their financial position improves include coats or jackets (40%), jeans (37%), formal footwear (25%), gym wear (23%) and watches or jewellery (22%).
Martin Jensen, CEO at Centra, commented: “The data clearly shows the power of brand equity as a sustainer of customer loyalty and UK brands need to remain focused on nurturing existing customers to make sure they return to spend when the economic recovery comes – and that means investing in customer engagement.”
“Fashion and lifestyle brands need to work with a specialist e-commerce platform partner that provides the core features out of the box to build a store that best serves a brand and its customers’ needs, allowing it to remain focused on all elements, from product design to brand content and customer experience, that reinforce the unique brand experience to engender long term loyalty and ultimately sales as economic conditions improve.”
For more insights into what UK consumers want from their favourite fashion and lifestyle brands and retailers download Centra’s latest report – What UK Shoppers Want from Fashion Brands in 2024.
