Budget-conscious Brits turn to local businesses for shopping needs
As budget-conscious Brits look for ways to save on cash, alternative shopping solutions are beginning to shine a new light on local high streets.
Some 64 per cent of consumers preferred to shop local last year as a growing number of Brits brainstorm effective ways to spend their cash, according to Virgin Media O2 Business’ Annual Movers Index.
Jo Bertram, managing director of Virgin Media O2 Business, told City PM the rise in local shopping last year was “likely” caused by budget-conscious shoppers ahead of the holidays – with the last quarter of the year being the most popular.
“With tighter purse strings, consumers have become more considered about how they spend, opting to invest money back into the local community,” Bertram added.
Bertram said as the trend of restrained shopping continues, 70 per cent of Brits plan to increase their local spending habits in 2024.
“Looking forward, this shift in spending should further benefit small businesses as they navigate a challenging business landscape,” she continued.
But while budget-conscious shoppers may be turning local to save on cash, some are looking past the price concerns – the index showed nearly half of Londoners alone are willing to pay over 50 per cent more on an item if it meant supporting the local high streets.
The index suggested the preference is mostly tied to younger generations, with 83 per cent of those aged 18 to 24 saying they’re happy to pay extra if need be.