Polarisation of high street continues as luxury and discount capture market share, squeezing the middle
Consumers in the UK are trading up from mid-market brands to embrace luxury, according to a new report by Bazaarvoice.
According to the survey, 76% of mid market shoppers who would usually visit stores such as Next and Debenhmas are now likely to switch up to luxury retailers and brands such as Selfridges, Burberry, Mulberry and Omega.
Research also found that 61% were now looking to buy Christmas gifts from luxury brands at a discount on Black Friday, The Boxing Day sales still hold a lure thought, with 46% most likely to buy on this date.
The findings come as the UK high street continues to be squeezed as shoppers look for value at both ends of the market. According to Bazaarvoice, discount shopping still plays a significant role in high street sales, with 69% of respondents stating they now shop at stores such as Argos, TK Maxx, H&M and Tiger.
However online still continues to dominate Christmas shopping with French, German and UK consumers estimating they will conduct 43% of their shopping online with retailers such as Amazon this festive season, an increase of 4.3% on 2017.
Mid-market, emerging, and aspirational brands can leverage their innovation, reputation or loyal customer base to redress shopper confidence,” says Joe Rohrlich, Executive Vice President and GM EMEA at Bazaarvoice.
“Ratings and reviews help customers make informed purchase decisions, they also assist in product discoverability and give brands and retailers valuable product insights.”