New report from shopping centre group reveals how the past 12 months has shifted and accelerated major retail trends.
The Westfield shopping centre group has unveiled new research on the impact of the pandemic on the future of retail.
The ‘Westfield How We Shop: What’s Changed’ report reveals the impact of the past 12 months has shifted and accelerated major retail trends, with a focus on community, sustainability, health and experience in physical shopping, reported Fashion United.
The study polled 2,000 UK consumers and 500 UK retailers.
Findings included nine in ten retailers are considering introducing community initiatives in the next 18 months, accelerating the trend to turn shopping destinations into community hubs, while 49% of millennials were willing to share their DNA for a better shopping experience.
In addition, over half of consumers are now more considerate of online purchases – this is due to factors including excessive packaging.
The study examines five major retail trends and how they have been reshaped has mindsets and values shift to consider what it important following the pandemic.
Locally-Morphed
More than half of Brits (52%) are now shopping more locally than last year, with 49% stating that they want to continue to buy locally sourced products.
On top of this, 96% of the UK’s biggest retailers are considering introducing community initiatives in 2021. The report also highlights that 74% of Brits expect to see retailers adapt to their local surroundings as they re-open.
Upside-Down Retail
Westfield identified Upside-Down Retail experience-led stores as a key trend in 2020, identifying the ‘experience tipping point’ as 2025 in which retailers allocate more square metres to experiences over products.
This has been accelerated by the pandemic’s impact and Westfield is predicting that more concept-based experiences will start to emerge. Situ Live – which combines digital and physical aspects of shopping – launches at Westfield London later this year.
Self-Sustaining Stores
The report found that 57% of UK shoppers will be more mindful of their online purchases due to distribution and packaging impact on the environment.
In addition, 84% of UK consumers are interested in renting home products in 2021 with the top ten most desired rental products including fitness equipment, spaces to spend time with friends and family, technology, space to work, toys and games, garden equipment, clothes, beauty, furniture and fashion accessories.
Anti-Prescription
In 2020, 56% of consumers said they were becoming frustrated with inaccurate recommendations served to them when shopping online, while in 2021 38% claimed the same thing.
Digital Bricks stores, which converge the online and offline experience, are more in-demand, with a fifth of shoppers looking for in-store tech such as augmented reality to try on clothes when they return to shops.
Nine in ten retailers are also prioritising making stores more automated, with 37% aiming to make their stores contactless in the next 18 months, brought about by social distancing and a new focus on health and safety.
Retail Surgery
Westfield’s research shows that 49% of Millennials would be willing to share their DNA for a better shopping experience – 11% above the national average. In addition, 78% of consumers are now interested in health experiences and innovations in-store, up by 20% from last year.
“The past year has changed retail as we know it, and as we look to the future of shopping and leisure destinations, the How We Shop Report highlights the great opportunities that will emerge,” commented Scott Parsons, UK coo at Unibail-Rodamco-Westfield. “Now, more than ever, Briton’s crave physical experiences, albeit in a new and different way, and I am confident that our London centres will re-emerge stronger than ever.”
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