According to the latest research from Centra, an eCommerce platform for fashion and lifestyle brands, over half (55 per cent) of UK consumers still engage with the fashion brands they love, even if they can’t or aren’t buying from them currently. They plan to purchase from these favourite brands again once their financial situation improves.
Original research of 1,000 UK consumers reveals that after more than two years of the cost-of-living crisis negatively impacting disposable income, 64 per cent of consumers are buying fewer fashion, apparel and lifestyle products. Rather than investing in new fashion items, a quarter (25 per cent) buy more pre-loved or second-hand items, while another quarter (25 per cent) reduce fashion spending by choosing items or accessories that are lower cost to update their wardrobe.
While shoppers’ spending signals might be giving retailers the impression they have become lapsed customers, 53 per cent 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 per cent say that despite spending less often, they remain loyal to their favourite brands, increasing to nearly a third (29 per cent) 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 per cent), jeans (37 per cent), formal footwear (25 per cent), gym wear (23 per cent) and watches or jewellery (22 per cent).
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 eCommerce 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.”
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