New research from Centra, a specialist ecommerce platform for fashion and lifestyle brands, reveals that over half (55%) of UK consumers continue to engage with their favorite fashion brands, even when they are unable to make purchases. This engagement reflects a desire to return to these brands once their financial situation improves.
The study, which surveyed 1,000 UK consumers, highlights the ongoing impact of the cost-of-living crisis on disposable income. According to the findings, 64% of consumers are buying fewer fashion, apparel, and lifestyle products. In response to financial constraints, 25% are opting for pre-loved or second-hand items, while another 25% are reducing their fashion expenditure by choosing more affordable items or accessories to refresh their wardrobes.
Despite reduced spending, 53% of consumers report maintaining engagement with their preferred brands through activities such as viewing new products, consuming brand content, and following brands on social media. Additionally, 23% of respondents affirm their loyalty to these brands, a figure that rises to nearly 29% among Millennials. This underscores the importance for brands to invest in and sustain customer relationships.
Centra’s research also points to consumer optimism as indicated by GfK’s Consumer Confidence Index, which increased by one point to -13 in July 2024. As financial conditions improve, UK consumers are anticipated to prioritize the following items: coats or jackets (40%), jeans (37%), formal footwear (25%), gym wear (23%), and watches or jewelry (22%).
Martin Jensen, CEO of Centra, commented on the findings: “The data underscores the significance of brand equity in sustaining customer loyalty. UK brands must continue to nurture existing customer relationships to ensure they return when economic conditions improve, highlighting the need for ongoing investment in customer engagement.”
Jensen further advised that fashion and lifestyle brands should partner with ecommerce platforms that offer essential features to build effective stores. This enables brands to focus on product design, brand content, and customer experience, reinforcing their unique brand identity and fostering long-term loyalty and sales growth as economic conditions improve.
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