TCS Retail Consumer Survey: UK Key Findings Report
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The retail consumer survey helps retailers analyze how consumer behavior in the UK is influenced and how they can develop a CX strategy that brings ROI.
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TCS Retail Consumer Survey: UK Key Findings Report
- 1. TCS Retail Consumer Survey: UK Key Findings Report Retail Consumer Top Trends and Takeaways
- 2. 2 The TCS Retail Consumer Survey asks: How are UK consumers adapting to an uncertain economy? What technologies can retailers deploy to enhance customer experiences? The TCS Retail Consumer Survey examines the buying behaviors of 1500 consumers in the UK to learn: How important are retailers’ sustainability and social responsibility practices to consumers? To what extent have consumers been willing to pay more for sustainably-produced and ethically-sourced goods recently? What is consumers' appetite for discretionary spending over the next six months?
- 3. 3 Demographics: UK 1502 320 410 358 353 61 Survey demographics by age groups Total Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 4. 4 Millennials are most willing to share their personal information Most consumers care about sustainably-produced items Millennials and Gen Z are most interested in making sustainably-made purchases An average of 62% of respondents paid more for sustainably-made items Gen Z has been most willing to pay more for sustainably-made items Most consumers are interested in shopping with retailers offering rewards for sustainable choices Millennials are most likely to shop with retailers offering rewards for sustainable choices Across generations, consumers are interested in using the latest technologies to improve their customer experiences Millennials are more likely to shop with retailers offering virtual experiences Takeaways at a glance Millennials are more likely to shop with retailers offering contact- less check-outs Millennials are more likely to shop with retailers offering livestreaming capabilities Millennials and Gen Z are more likely to shop with retailers offering QR codes Millennials and Gen Z are more likely to shop on social media Millennials are more likely to shop with retailers offering the ability to buy on a brand-owned mobile app Millennials and Gen Z are more likely to shop in online marketplaces Millennials are more likely to shop virtually (e.g. in the metaverse) Millennials and Gen Z are more likely to shop with retailers offering cryptocurrency payment options Gen X expects to spend less on discretionary items in the next year compared to other age groups 1 2 3 4 5 6 7 8 9 11 12 13 14 15 16 18 17 10
- 5. 5 Millennials are most willing to share their personal information in exchange for discounts or perks Question Thinking about rising prices and the current economic environment, compared to 12 months ago, how willing are you to share your personal information to get a discount or perk? 60% 76% 54% 34% 25% Slightly more/Somewhat more/Much more willing than 12 months ago Willingness to share personal information to get a discount or perk Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 6. 6 Most consumers care about sustainably-produced items 88% of consumers say that whether an item is sustainably made or responsibly sourced is important when considering to buy When making a buying decision, how important is it that the item is sustainably made or sourced responsibly? Question
- 7. 7 Millennials and Gen Z are most interested in making sustainably-made purchases Question When making a buying decision, how important is it that the item is sustainably made or sourced responsibly? 91% 87% 85% 82% Very/Somewhat important Importance of sustainably-made/responsibly-sourced items Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old 88%
- 8. 8 An average of 62% of respondents paid more for sustainably-made items of all consumers say they have actually paid more for sustainably- made and responsibly-sourced items 62% Thinking about your shopping behaviors for how responsibly or sustainably an item is made/sourced over the last six months, which statement most closely defines your actions? Question
- 9. 9 Gen Z has been most willing to pay more for sustainably-made items Question Thinking about your shopping behaviors for how responsibly or sustainably an item is made/sourced over the last six months, which statement most closely defines your actions? Paid a little more/Moderately more/Significantly more 71% 64% 56% 56% 49% Sustainable shopping behavior over the past 6 months Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 10. 10 Most consumers are interested in shopping with retailers offering rewards for sustainable choices of all respondents are more likely to shop with retailers offering rewards for sustainable choices 68% How likely are you to shop or spend more money with a retailer offering the option to get rewards for sustainable shopping choices? Question
- 11. 11 Millennials are most likely to shop with retailers offering rewards for sustainable choices Question How likely are you to shop or spend more money with a retailer offering the option to get rewards for sustainable shopping choices? 67% 79% 68% 59% 49% More/Much more likely Rewards for sustainable shopping choices Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 12. 12 Across generations, consumers are interested in using the latest technologies to improve their customer experiences Virtual fitting room or virtual staging capabilities Livestream shopping experience Ability to pay using crytocurrency Contact-less check-out QR Codes Ability to buy on social media platforms Ability to shop on a brand- owned mobile app Ability to buy a brand's products on an online marketplace Shopping in the virtual world such as the “metaverse” Ability to get rewarded for making sustainable choices 55% 49% 37% 61% 62% 52% 64% 72% 40% 67% 65% 54% 40% 70% 63% 58% 75% 75% 48% 79% 52% 48% 26% 56% 56% 42% 54% 65% 38% 68% 42% 42% 30% 51% 44% 35% 36% 55% 27% 59% 31% 25% 18% 46% 28% 23% 26% 53% 16% 49% Gen Z 18-25 Millennials 26-41 Gen X 42-57 Boomers 58-76 Silent Gen 77+ Question How likely are you to shop with retailers offering the following technologies? (combines More/Much more likely responses)
- 13. 13 Millennials are more likely to shop with retailers offering virtual experiences Question How likely are you to shop or spend more money with a retailer offering virtual fitting rooms or virtual staging capabilities? (e.g., glasses, clothes or furniture displayed virtually in your room) 55% 65% 52% 42% 31% More/Much more likely Virtual staging capabilities Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 14. 14 Millennials are more likely to shop with retailers offering contact-less check-outs Question How likely are you to shop or spend more money with a retailer offering contact-less check-out? 61% 70% 56% 51% 46% More/Much more likely Contact-less check-out Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 15. 15 Millennials are more likely to shop with retailers offering livestreaming capabilities Question How likely are you to shop or spend more money with a retailer offering a livestream shopping experience? More/Much More Likely 49% 54% 48% 42% 25% Livestreaming capabilities Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 16. 16 Millennials and Gen Z are more likely to shop with retailers offering QR codes with personalized information and offers Question How likely are you to shop or spend more money with a retailer offering the ability to provide more information and personalized recommendations using QR codes? 62% 63% 56% 44% 28% More/Much more likely QR codes with personalized information and offers Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 17. 17 Millennials are more likely to shop on social media Question How likely are you to shop or spend more money with a retailer offering the ability to buy on a favorite social media platform? 52% 58% 42% 35% 23% More/Much more likely Ability to buy on social media platforms Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 18. 18 Millennials are more likely to shop with retailers offering the ability to buy on a brand-owned mobile app Question How likely are you to shop or spend more money with a retailer offering the option to shop on a brand-owned mobile app? 64% 75% 54% 36% 26% More/Much more likely Abillity to buy on a brand-owned app Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 19. 19 Millennials and Gen Z are more likely to shop in online marketplaces Question How likely are you to shop or spend more money with a retailer offering the option to shop on an online marketplace? 72% 75% 65% 55% 53% More/Much more likely Ability to buy a brand's products on an online marketplace Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 20. 20 Millennials are more likely to shop virtually (e.g. in the metaverse) Question How likely are you to shop or spend more money with a retailer offering the option to shop in a virtual world (such as the metaverse) to purchase items for yourself or an avatar? 40% 48% 38% 27% 16% More/Much more likely Ability to shop in a virtual world Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old
- 21. 21 37% 40% 26% 30% 18% More/Much more likely Ability to pay using cryptocurrency Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old Millennials and Gen Z are more likely to shop with retailers offering cryptocurrency payment options Question How likely are you to shop or spend more money with a retailer offering the ability to pay using cryptocurrencies (such as Bitcoin)?
- 22. 22 59% 64% 69% 57% 38% Will stop buying or Buy less Discretionary spend for the next 12 months Gen Z 18-25 years old Millennials 26-41 years old Gen X 42-57 years old Boomers 58-76 years old Silent Gen 77+ years old Gen X expects to spend less on discretionary items in the next year compared to other age groups Question Given the current economic environment, to what extent do you expect to change your spend on discretionary items over the next 12 months?
- 23. Contact Us: tl.institute@tcs.com TCS Retail Consumer Survey: UK Key Findings Report Retail Consumer Top Trends and Takeaways