Marketing challenges, falling retail footfall and emerging AI trends: an overview of the UK market landscape
In the field of marketing, professionals face significant challenges as they strive to illustrate their value to senior management. Only 23% of them strongly believe that their impact on the growth of their business is recognized. This skepticism from the top leads to a vicious cycle in which marketing departments are caught in the crossfire by inadequate resources, hampering their ability to take a customer-centric approach and design sophisticated personalization strategies.
Fall in retail footfall in the UK
The UK saw a 5% drop in retail footfall compared to December 2022, largely attributed to adverse weather conditions which caused shoppers to flock to online shopping platforms. Despite the overall decline in visits to physical stores, discount events like Boxing Day saw a notable increase in foot traffic.
Generative AI: the new consumer trend
Generative AI is emerging as a crucial consumer trend, surpassing the Metaverse in terms of perceived importance. Marketers now view data analysis and market research as the most fruitful applications of AI.
Financial Prudence and Online Spending
During the Christmas period, consumers exercised financial prudence by relying more on their disposable income rather than relying on credit cards or buy now, pay later schemes. This trend has led to a decrease in Christmas debt. Meanwhile, UK online holiday spending saw a 3.7% increase year-on-year, with discount days fueling the biggest online sales. Nevertheless, total online spending in 2023 was down slightly by 1.3% compared to 2022.
