UK - Consumer Goods - GTM Market Synopsis
Market Synopsis
Customer Needs:
Price is a key factor in decision–making among the UK population. According to a consumer survey, more than 35% to 36% of UK shoppers use comparison sites for the price. Quality is a top priority as it leads to customer satisfaction and helps build trust in a particular brand. Brand loyalty is another important consideration among British shoppers. It is estimated that around 65% of UK consumers claim to be loyal shoppers which is above the global average of 61%. Loyalty programs are also popular. Around 71% to 73% of 18-24 year olds in Britain think they are a good way for brands to reward customers.
Customers also consider the company’s ethics in production. 68% of British consumers believe a brand’s ethical `environmental policy, and animal welfare. After–sales services are also in growing demand among the population. Most buyers nowadays rely on e– commerce sites, and this is an important factor to consider. It has been observed that virtually all adults aged 16 to 44 years in the UK, that is, around 97%– 99%, were internet users in 2021.
Market Dynamics:
The UK consumer goods market is growing with an increased consumption rate. According to the International Trade Administration, despite continuing to face regulatory challenges posed by the effects of the UK’s exit from the European Union, high inflation driven by rising energy prices, and the lingering effects of the COVID–19 pandemic, the UK remained a critical market for American exports of goods and services. U.S. exports of goods and services to the UK reached US$ 157.1 billion in 2022, up 21.5% from 2021, ranking the UK in 5th place among export destinations for American goods and placing it in the 2nd spot for trading in services.