ONS sales figures: volumes down 3.5% YoY as cost-of-living bites

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Despite retail sales rising by 1.2% last month, price hikes and the cost-of-living crisis are continuing to impact consumer spend. People’s habits are changing – sticking largely to essentials or otherwise increasingly turning to discount department stores and second-hand shops.

We’re seeing retailers across the board trying new techniques to win over consumers – price matching and price locks, discounts in areas where they’re not typically seen, and the introduction of longer sales periods to create their own supply and demand matrix.

But price point shouldn’t be seen as the secret ingredient to brand loyalty. It only takes one bad experience for a shopper not to return. Retailers need to win customers over and this starts with making them feel valued – for example, by providing personalised communications or tailored rewards via loyalty programmes, in addition to timely and helpful responses to queries. Providing great experiences like these, consistently rather than as a one-off, will translate into a loyal customer base moving forward.