In the latest 2024 Retail Outlook report from the Retail Think Tank (RTT), an independent board of retail experts that participate in the quarterly UK Retail Health Index (RHI) metric compiled by KPMG, a return to volume growth in food sales is predicted.
Simultaneously, there will be increased spending in small scale health and beauty products like lipstick in the year ahead, as consumers cut down on ‘big ticket’ homeware spending in the face of rising interest rates and the cost of living (COL) crisis.
Fashion is expected to remain stagnant, according to the FTT 2024 Retail Outlook report, but polarisation between the Value and Luxury segments will continue, with the middle ground suffering at the expense of the other two spending categories.
In addition, ‘purpose’ driven retail offerings that include such things as circular retail and sustainable shopping formats are expected to experience growth in 2024 in the UK, as consumers act on their personal green and recycling goals, which can coincidentally align with COL-induced savings drives.
Food retail
The RTT is…
