Retailers are bracing themselves for continued uncertainty in 2024.
A recent poll by Boston Consulting Group (BCG) shows that more than 75% of UK consumers remain concerned about inflation and recession, with 84% worried about current price increases, reveals Jessica Frame, BCG’s managing partner for the UK. She predicts that shoppers will still restrict spending next year as a result, particularly for non-essential items.
But 2024 is also set to bring opportunities as retailers look to harness new technologies, embrace innovation with in-store experiences and grow revenue streams in areas such as recommerce and retail media networks (RMNs).