How do you capitalize on consumer confidence? As the UK continues to throw off more of its lockdown shackles, consumer confidence nationwide is soaring.
According to analysis from YouGov and the Centre for Economics and Business Research (Cebr), UK consumer confidence has recently reached its highest level since April 2016.
This could be your cue to prepare your business so that it can maximize its gains from Brits’ increasing eagerness to splash the cash.
What the stats say about growing consumer confidence
The research firm YouGov daily collects consumer confidence data. It carries out more than 6,000 interviews a month to discern respondents’ feelings about household finances. Other usual topics of interest include property prices, job security, and business activity.
It discusses both how these fared in the last 30 days and how they could shape up in the next year. The overall score for consumer confidence reached 113.6, a height not previously scaled for over five years.
The outlook on job security achieved a score of 118.9, the highest yet recorded. Furthermore, households’ confidence about personal finances also reached a record high, its score improving by 2.7 in a month. Similarly, the outlook for business activity has continued to grow.
Perhaps unsurprisingly, given that pubs, restaurants, and galleries have recently started welcoming guests back indoors. Any score surpassing 100 indicates that confident consumers outnumber those who are not confident.
As your target customers grow in confidence, you could pounce
Over the next 12 months, many Brit consumers could find themselves with a lot more money to spend. In May, workers’ perceptions of how secure their jobs should be over that time improved significantly, as reflected by the 118.9 scores for this measure.
All of this begs the question: as more and more people in the UK become ready to spend, how can you encourage them to spend on whatever your particular company offers? You could make sure your e-commerce operations are up to scratch.
In research carried out in August 2020 and reported by The Drum, 55% of UK shoppers surveyed indicated their intention to purchase more online in the future than they had before the pandemic.
In response, you should make sure your company can sell across channels to which your customers are attracted. Meanwhile, you should task a logistics partner with handling fulfilment on your behalf. This would help you to better compete with the likes of Amazon.
How can you equip your workers with everything they need?
In England, the Government is expected to do away with its longstanding work-from-home advice – that of working from home where possible – when the last of England’s lockdown restrictions go on 19 July.
Business minister Paul Scully has said, as quoted by iNews, that the guidance will then switch to “what’s best for the business and the worker.” So, many of your workers could soon be returning to the office.
You could make that office one of the many serviced offices with high-speed Wi-Fi, photocopying, and printing all included in the rental cost. Moving into this kind of workplace could help your business to budget more effectively in the long term.
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