The cost-of-living crisis is stretching consumer finances, making them hesitant to spend. Retailers are also suffering the impact of rising prices, as well as the continued after-effects of Covid and other factors affecting supply chains and consumer confidence, such as the war in Ukraine and skills shortages.
For retailers, the only true solution to this perfect storm of challenges is to build more sustained customer loyalty, but doing so will be harder than ever.
In this report, we speak to leading retailers such as Cox & Cox and Asprey as well as industry experts about some key measures that retailers can be taking to build loyalty.
We also explore the views of 1,000 UK consumers, to uncover current consumer thinking around the role of customer loyalty, opinions on how retailers should be communicating with them and how likely they are to stray.