Consumer Insight:
People Want Better, Not More
Consumers are becoming more selective about what they buy, rewarding retailers that make quality, differentiation and resellability tangible.
The era of volume-led growth is over. Consumers are buying less in real terms. Barclays spending data shows that retail expenditure per shopper, adjusted for inflation, is approximately 10% below 2022 levels, reflecting the continued pressure on purchasing power.
Younger shoppers, in particular, are moving away from instant gratification in favour of delaying purchases until they find the right product. In beauty and wellbeing, for example, more than seven in ten shoppers say they are prepared to wait rather than settle for an alternative that does not fully meet their needs.
That raises the bar. Retailers must work harder to prove a purchase is worthwhile, with product innovation, quality, personalisation and reassurance now critical to converting consumer interest into spending.
More considered consumption is also rewriting attitudes to ownership.
Barclays data shows that expenditure per shopper, adjusted for inflation, is approximately 10% below 2022 levels
Potential resale value of an item is a part of the upfront purchasing decision for 70% of millenials
Second-hand shopping has moved firmly into the mainstream, with the potential resale value of an item becoming part of the upfront purchasing decision for approximately half of consumers, rising to 70% among Millennials.
Retailers that still treat resale as a niche are making a mistake. Platforms such as Vinted show that second-hand retail is no longer competing on affordability alone. Consumers now see resale platforms as credible alternatives across choice, relevance and the wider shopping experience.
Retailers are responding by proactively extending the lifecycle of products through repair, resale and rental. Boden designs resellability into their product proposition, with their kidswear offer design to give each garment three product lifetime. Decathlon's rental and return propositions illustrate how brands can maintain customer relationships beyond the initial transaction.