UK Consumers Seek Alternatives Amid Rising Prices

  • A third of UK online shoppers buy from abroad due to Brexit prices
  • Pepper.com survey reveals the trend
  • UK shoppers more loyal to domestic retailers than Italy, Spain and Germany
  • 60% of UK shoppers use foreign sites for better prices despite shipping costs
  • High street bankruptcies, layoffs, and closures continue

A recent survey by online shopping community Pepper.com has revealed that a third of UK online shoppers are turning to overseas e-commerce platforms due to the rise in prices following the UK’s decision to leave the EU. While the UK is more loyal to its own online retailers than countries like Italy, Spain, and Germany, where 86%, 78%, and 77% of shoppers prefer foreign sites respectively, around 60% of British consumers still opt for international online stores because of better deals despite additional shipping costs. This trend comes amid a series of bankruptcies, layoffs, and store closures on the UK high street involving brands like BHS, Toys R Us, Maplin, Mothercare, and Marks & Spencer.

Factuality Level: 8
Factuality Justification: The article provides relevant information about online shopping trends in different countries and includes statistics from a survey by Pepper.com. It also mentions the reasons for UK shoppers choosing to buy from abroad such as price differences and unavailability of items in the UK. However, it lacks details on how the survey was conducted and could provide more context about the rise in prices after Brexit.
Noise Level: 6
Noise Justification: The article provides some relevant information about online shopping trends in different countries but could benefit from more analysis or context on the reasons behind these trends and potential long-term consequences. It also lacks a strong connection between the UK’s decision to leave the EU and the increase in foreign shopping.
Financial Relevance: Yes
Financial Markets Impacted: UK retailers
Financial Rating Justification: The article discusses the impact of Brexit on UK online shopping habits, which affects domestic retailers’ sales and potentially their financial performance. It also mentions bankruptcies and layoffs in the industry, indicating a potential negative impact on the UK retail market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk