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Changing consumer behavior in the UK: The rise of the smart consumer

  • June 2015
  • -
  • MarketLine
  • -
  • 21 pages

Summary

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Introduction

Consumer behavior in the UK has altered significantly. Consumers have become increasingly confident, shrewd, and more difficult to please, as evidenced by rising complaints and lower customer satisfaction levels. What's more, the concept that people can bring about change through the way in which they spend has developed into a situation where the consumer holds an increasingly powerful position.

Features and benefits

* Looks at changes in consumer law and how this has impacted the retail market.
* Assesses how digitilization has brought about a change in consumer trends and demands.
* Details how the recession has led to a lasting shift in consumer behavior.

Highlights

Consumer laws have been directed towards the rights and safety of consumers and placed more responsibility on businesses to ensure that consumer needs are taken into account. The increasing shift in emphasis towards the rights of consumers has led to a growing confidence among shoppers that they can challenge businesses and bring about change.
Digitalization has resulted in consumers having access to unlimited information. The accompanying rise in social media, review sites, and comparison sites has meant that consumers are no longer isolated and can rely on each other for information. Such changes have led to the consumer becoming increasingly powerful in the retail market.
Recession led to a rise in unemployment and squeeze on incomes and a tough environment in the UK. The effect of this has been a noticeable shift in consumer behavior as shoppers have become increasingly shrewd in their purchases and make an increased effort to find the cheapest option.

Your key questions answered

* How have changes in consumer law altered the status of consumers?
* What changes in consumer behavior have been brought about by digitilization?
* How are retailers responding to these changes?
* How has the recession shifted consumer behavior in the UK?

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