The Goods UK – 20 November 2024
Welcome back to The Goods UK. This week, we’re chatting what’s driving the latest food craze around dry yoghurt, why lost luggage could be a thing of the past and whether large-scale events would encourage shoppers to participate more in takeback schemes.
Black Friday is fast becoming Black Fraud Day with fraudsters targeting people on the hunt for a bargain with ever more sophisticated AI-powered scams. Last year, UK shoppers were conned out of more than £11.5m, almost £1m more than in the same period in 2022.
What’s in: this week’s trends
- Putting a strain on things: The internet’s newest breakfast fixation – dry yoghurt – is helping influencers rack up millions of views on TikTok. Yet while supermarkets clamour to get in on the #foodTok act (after all, viral trends equal empty shelves), others are beginning to question the frenzy that these click-bait moments whip up for users. Either way, analysts suggest the dry yoghurt market could grow significantly by 2032 due to the product’s longer shelf life and ease of storage compared to the traditional stuff.
- A thrift-mas miracle: It seems it’s not just Prince William who is getting on the vintage train: a whopping 45% of Brits plan to purchase pre-loved items for their nearest and dearest this Christmas (rising to 60% for Gen Z shoppers). But it seems our love for secondhand isn’t just for Christmas, with Evri execs highlighting this reshaped shopping habit as a business opportunity to capitalise on.
- No luxe like home: The Bank of England base rate may have dropped two weeks ago, but mortgage costs are still rising. Brokers suggest the cut had long been expected therefore already factored into calculations, but also that the recent Budget had “thrown a spanner in the works.” Recent analysis shows uncertainty around tax changes also sparked a slump in luxury property sales – costing the Treasury £140m in lost stamp duty.
- Pull the other one: Some pub chains have sparked fury with punters over their decision to implement ‘surge pricing’ on match days. Consumer experts have urged establishments to “rethink” their business models, but owners have defended the move due to the additional staff needed and different licensing requirements ahead of games. The availability of data and introduction of AI technologies could mean dynamic pricing creeps across more sectors in the coming years.
Cash or card: shopper behaviour
What’s in and out of our baskets right now? We’re all a little enchanted by Wicked, stocking up on beauty miniatures and swapping traditional black tea for herbal infusions.
- Trying to defy gravity: The retail and fashion industries have been spellbound by a surge in pink and green, with over 60 brands including Primark, LUSH, and Swarovski finding ‘unlimited’ opportunities to launch themed collections ahead of Wicked’s highly anticipated release. Despite the buzz, box office sales are down 8 percent on last year, with multiplexes investing in AI, dynamic pricing and ‘nicer’ seats to maintain interest in the silver screen.
- Beauty or bust?: Calendars stuffed full of beauty products are selling out long before baubles and turkeys hit our shelves, with views of #BeautyAdventCalendar up by 83% on last year. While beauty lovers claim they are saving money, analysts suggest retailers can afford to make such seemingly good offers because there’s such a high margin built in already. Similarly, many view advent calendars as a marketing tool to convert fans to buy full priced items afterwards.
- Getting back the ‘oo’: One of Britain’s oldest tea brands, Typhoo, is preparing to enter administration amid declining sales and mounting debts. While commentators have said the filing may be a tactic to buy breathing space from creditors, the business has suffered set backs in recent years as shoppers have turned away from traditional black tea to coffee, herbal infusions and cold carbonated drinks.
Making moves: industry changes & innovation
ICYMI, even industry icons need to reinvigorate their brand presence through unique and creative ways. Here are some movers and shakers that you should know about:
- Take it back now y’all: Takeback schemes aren’t new: in fact, The Goods readers of a certain age will remember the deposit schemes of yesteryear. Yet a new study suggests that only 18% of shoppers have participated in schemes, with limited return locations and inconvenience outweighing the perceived environmental benefit. Clearer information about scheme processes, enhanced transparency about impact and larger-scale take-back events are among the desired changes to encourage participation.
- Right to ride: Delivery companies are calling on the Government to include takeaway delivery drivers in new laws protecting retail staff coming into force next year. The ‘Right to Ride Safely’ campaign, backed by unions and the British Retail Consortium, has been launched following a 28% increase in delivery driver incidents over the past 6 months. The new ‘Crime and Policing Bill’ will make it a criminal offence to assault or threaten workers at their place of work.
- Worry free at Duty Free: Did you know 100,000 pieces of luggage go off-course around the globe every single day? While experienced travellers have been making use of Apple’s AirTag as a smart hack for a while, a “game changing” partnership across 18 airlines will now provide a formal way of sharing the location of your luggage with an airline. The move is seen as a significant innovation that is hoped will ease one of the biggest hassles in air travel.
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