Not only has footfall into shops and stores declined during the pandemic, but customers are also visiting a less diverse mix of retailers as the crisis continues to drive change in retail behaviour. This new Huq Index measures the range of retail brands visited by customers within a category every week, and finds that loyalty increased by as much as 20% in the aftermath of the first lockdown.
This effect is keenly felt in discretionary sectors such as hospitality – averaging 119pts over pre-lockdown values – and clothing up 8% to 108pts on the basis. Supermarkets remain largely unchanged. Home-working and staying local may well have some bearing on this trend as customers are less exposed to different retail opportunities. A move to more mindfull, cost-conscious shopping may also play a role.
Or has shopper behaviour simply become more cautious following the events of this year? Sign up to receive to our 3x weekly bulletin for retrospectives on economic activity this summer and what that may mean for recovery 2.0 and the holiday period.
To learn more about the data behind this article and what Huq has to offer, visit https://huq.io/.
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