UK Retailers Must Adapt to New Normal
- 70% of shoppers not comfortable returning to shops
- 80% uncomfortable trying on clothes in store
- Only 25% comfortable visiting grocery stores
- 45% believe shopping habits will change in next one to two years
- 64% expect to shop less frequently
- 57% more aware of hygiene and sanitation
- Product availability, price, and health are top priorities for consumers now
- Adaptability crucial for businesses to succeed post-pandemic
- Investment in digital capabilities key for recovery
A recent EY Future Consumer Index survey reveals that 70% of shoppers are not comfortable returning to shops, with 80% feeling uneasy about trying on clothes in-store and only 25% comfortable visiting grocery stores. The study also found that 45% believe their shopping habits will change over the next one to two years, with 64% expecting to shop less frequently. However, they anticipate spending more when they do go shopping. Consumers are now prioritizing product availability, price, and health over organic and sustainable products. To address these concerns, retailers must adapt their customer experience and invest in digital capabilities for a safer, reassuring shopping environment.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a survey of consumers’ attitudes towards shopping during the pandemic and includes expert opinions on how retailers can adapt to these changes. It presents relevant data and insights without sensationalism or opinion masquerading as fact.
Noise Level: 3
Noise Justification: The article provides relevant information about consumer behavior during the pandemic and how it may affect retailers’ strategies in the future. It includes insights from experts and discusses potential changes in shopping experiences. However, it could benefit from more data or examples to support its claims.
Financial Relevance: Yes
Financial Markets Impacted: Retailers, grocery stores, consumer product companies
Financial Rating Justification: The article discusses changes in consumer behavior and priorities due to the pandemic, which can impact retailers and consumer product companies’ sales and strategies. It also mentions the importance of digital capabilities and adaptability for these businesses.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, but it discusses the impact of the COVID-19 pandemic on consumer behavior and shopping habits.
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