In a recent article in the Retail Gazette, they highlighted that recent Springboard data has found that 89% of consumers now "felt some degree of comfort visiting retail destinations", following the outbreak of the pandemic and the opening of restrictions again. This is positive news for the retail industry, which in recent months has been suffering drops in footfall traffic of around 25% compared to 2019, brought about by the pandemic. With this positive news that consumers are feeling more comfortable shopping again, how can retailers make the most of this, to try and boost traffic to stores even further?
The home moving process drives an explosion of expenditure across a wide range of retail sectors and categories, from furniture, to DIY, to automotive. Aviva estimates that over £12 billion is spent by homemovers each year in addition to the value of the property purchase. This audience is therefore motivated and in-market to buy, and with the additional huge increase in volume of homemovers that the stamp duty holiday has created, now is an even better opportunity for retailers to target this audience. With the latest news that 50% of consumers feeling fully comfortable making retail trips, targeting homemovers can help bridge that gap from any lost footfall, and drive a higher order value per transaction.
Despite the positive news that consumers are feeling more comfortable visiting retail locations, with one of the most important times of the year for retailers fast approaching Springboard marketing and insights director, Diane Wehrle, said “it appears to be a reasonable expectation that by the end of the year footfall will be…10% to 15% below the pre-pandemic level”.
To mitigate the effects of this expected shortfall during this period, contact TwentyCi to find out how we can help you create a targeted homemover marketing programme.