The Goods UK – 24 July 2024
Welcome back to The Goods UK. With schools officially out for summer this week, we’re chatting fake tan, adaptive fashion lines and the fight against retail crime.
Did you know that this year’s successful Olympians and Paralympians will not only leave the Games with the pride of being the best in the world, but with a piece of the Eiffel Tower? To celebrate the return of the Games to Paris, each medal will be infused with 18g of iron from the original Eiffel Tower. The metal will be taken from original parts of the structure which have been replaced and stored since the Tower was first built for the 1889 World’s Fair.
What’s in: this week’s trends
- Who turned out the lights? You must have been living under a rock if you didn’t hear about the global IT outage that caused worldwide chaos last Friday. In what can only be described as perfect timing, Barclays Corporate Banking and Retail Economics released new research a few days before revealing a third of UK retailers see cyber and data threats as the biggest risks to their business this year. Despite the concerns, 81% felt confident due to their tech investment.
- Nuthin’ but a gin thang: Snoop Dogg is the latest person to jump on the RTD (ready-to-drink) alcoholic beverage trend, with the UK launch of Gin & Juice by Dre and Snoop. The drinks will be available direct and via independent retail and online outlets. RTDs have continued to outperform other alcoholic drink categories, with the market expected to reach a global value of $28.6 million in 2033.
- We’re all getting ‘trashed’: Vintage clothes stores are seeing an increasing demand for used items, with paint-splatters and rips helping to “tell the story of a piece”. Even high-end brands are trying to capitalise on the trend, with Rimowa recently taking old beaten-up suitcases and selling them at discounted prices. While luxury Italian shoe brand, Golden Goose, which recently postponed its IPO, designs its new sneakers to look as though they’ve had a make-under. The UK clothing resale market is expected to grow to a value of £10.1bn by 2027 as shoppers get more conscious of waste and value items with a past.
- ‘Frantic Friday’ Feels: As the UK school summer holidays start, Britain’s drivers will take 27 million leisure trips over the first week, according to data from the RAC. An estimated 77% of the population are planning a staycation this year and as 3.2 million journeys take place on ‘Frantic Friday’ 26 July alone, all eyes are on Cornwall as the most popular destination. Domestic tourism is predicted to boost the economy by £30.3 billion this summer, up from £28bn in 2023.
Cash or card: shopper behaviour
- Great brie-tish cheese boom: Traditional English cheddar cheese is old news as, due to increasing consumer purchasing power, British people are adding more luxurious cheeses, such as brie and blue cheese, to their shopping basket Sales of feta have increased 23.2%, while halloumi and burrata have increased 17.4% and 17% respectively, according to Ocado.com.
- Adaptive clothing is back in fashion: Primark is extending its adaptive fashion line to make this clothing accessible and affordable for everyone. New research from the brand, in partnership with the Research Institute for Disabled Consumers, has revealed 62% of people find it challenging to purchase comfortable and suitable clothing due to their disability. Around 16 million people in the UK live with a disability and brands are diversifying their products to appeal to this audience, including Mattel, which has recently launched its first blind Barbie in an effort to make its range more inclusive.
- Tan today, glow tomorrow: Brits may be enduring the coldest July since 1999, but that’s not going to dull our glow – sales of fake tan have jumped 16% compared to last year. Interestingly, sales of cold and flu treatments have also jumped by 35% over the past three months.
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:
- Houston, we have a… lolly: In a crowded market, it’s essential to think outside of the box when vying for your audience’s attention. To celebrate the UK school holidays, Iceland blew its competition away by launching its iconic rocket lolly… into space! Achieving what millions of kids have always dreamt of, the rocket lolly is the first of its kind to take the 175km journey and reach the stratosphere.
- Beans with benefits: With coffee firmly cemented as the nation’s favourite on-the-go drink of choice, new players are looking to enter the market and offer more variety. Holland & Barrett has launched its second H&Bean café in London which offers unique organic teas and coffees with added vitamins and wellness to support energy levels, and reduced tiredness and fatigue.
- Something for nothing: Speaking of coffee. Pret a Manger customers have reacted in anger as the sandwich and coffee chain has ditched its free drinks perk in favour of a “new and simpler” subscription offer. From September, Pret will offer up to five half-price coffees a day for £10 a month and also end its 20% discount on food. Despite the comments on social media, analysts have suggested the new model reinforces a stronger value message that will allow the company to appeal to a wider audience.
- ‘Crowning moment’ in the fight against retail crime: The British Retail Consortium (BRC) was amongst those who celebrated the focus on tackling retail crime in the King’s speech. With 172,000 recorded cases in the past 6 months, recent studies estimate that theft costs UK retail stores an estimated £3.3billion each year. New legislation will make it easier to investigate and prosecute instances of shoplifting and anti-social behaviour, making shops a safer place for staff and customers.
For more information about FTI Strategic Communications Retail & Consumer Products sector service offerings and expertise, please contact [email protected] and [email protected]
The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals.
©2024 FTI Consulting, Inc. All rights reserved. www.fticonsulting.com
