Untapped Market Offers Opportunities Amid Cost of Living Crisis

  • GlobalData advises UK retailers to target younger consumers celebrating Eid
  • 24.4% of consumers aged 25-34 plan to celebrate Eid, followed by 20.8% of those aged 16-24
  • Eid represents an untapped market with potential revenue boost for retailers
  • Retailers should focus on entry-level pricing and promotional offers
  • Grocers should promote targeted in-store ranges and online selections
  • Timing of Eid-related promotions, marketing, and ranges is crucial

GlobalData’s report reveals that 24.4% of consumers aged 25-34 plan to celebrate Eid, followed by 20.8% of those aged 16-24. The data company suggests that retailers should focus on entry-level pricing and promotional offers during the event, which falls between April 20th and 21st. With over three million Muslims in the UK, targeting Eid can help retailers engage with consumers and capitalize on the occasion.

Factuality Level: 10
Factuality Justification: The article provides accurate information from a reputable source (GlobalData), presents relevant data, and offers insights into consumer behavior during Eid celebrations. It also includes expert commentary from Jamel Boughedda, a retail analyst at GlobalData. The article is focused on the topic of retailers targeting younger consumers for Eid celebrations and provides actionable advice for businesses to capitalize on this market.
Noise Level: 3
Noise Justification: The article provides relevant information about a specific market trend and offers advice for retailers to target younger consumers during Eid celebrations. It includes data from a recent study and expert opinion. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions on those who bear the risks.
Financial Relevance: Yes
Financial Markets Impacted: Retailers
Financial Rating Justification: The article discusses how retailers can appeal to younger and cash-strapped consumers during the celebration of Eid, suggesting that they focus on entry-level pricing and promotional offers. This impacts financial markets as it may affect the revenue and profitability of retail companies.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk