Getting the downturn dollar
Report
32 Min Read
Report
32 Min Read

Getting the downturn dollar

In the current challenging climate, winning customer spend has become more difficult than ever. 

With consumers facing financial constraints due to the cost-of-living crisis and various economic factors, retailers are feeling the impact. Rising prices, the aftermath of Covid-19, and external factors like geopolitical tensions and supply chain disruptions are all contributing to the perfect storm that retail leaders must navigate.

To thrive in these circumstances, retailers need to focus on building sustained customer loyalty, moving beyond cost-cutting and price promotions that may not be sustainable. In this report, we delve into the opinions of 1,000 UK consumers surveyed in September 2022 to understand their perspective on loyalty, how retailers communicate with them, and their likelihood to switch brands.

We also speak to industry experts who share valuable insights and strategies for building loyalty. The report features notable retailers such as Cox & Cox and Oliver Bonas, as well as the high-end luxury brand Asprey, providing diverse examples of successful loyalty-building approaches.

While Asprey may seem like an unconventional choice for a report focused on winning consumer spend during a downturn, this brand faces a unique challenge. Loyalty for affluent customers must be driven by factors that all retailers and brands should aim to emulate: quality products, a customer-centric approach, and deep customer knowledge.

We conclude our analysis by exploring three key success factors: data, the digital experience, and the customer journey. By understanding consumers' perspectives, we uncover the best strategies for winning their spend in challenging times.

Through this comprehensive report, you'll gain valuable insights into customer loyalty in challenging times and discover effective strategies to ensure repeat sales and foster lasting customer relationships.