5 Top Trends Shaping the Future of Retail in 2023 and Beyond

As the world goes back to a semblance of normalcy, online sales are dipping. There are new challenges to overcome. Consumers have higher expectations, lean more towards contactless pickup, and aren’t as loyal to brands as they used to be.

Because we are in a recession, people spend mostly on food essentials, so food retailers are seeing good sales. As the cost-of-living rises, non-food retailers have to battle harder for shopper’s attention. A recent McKinsey Consumer Behavior Research revealed how consumers now demand more value than they did before. So only brands that show value will win.

• UK consumers are pessimistic about the economy and economic recovery, more than during lockdown periods.
• Consumers have serious concerns over rising prices for essential goods (groceries and gasoline), and the accessibility of healthcare.
• Over 90% of consumers perceive a steep increase in grocery prices
• As the cost-of-living crisis deepens, 70% of consumers have changed shopping behaviour and now purchase more from discounters

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