Weekly Insights: Job Security, Consumer Trends, and Marketing Strategies
Stay ahead of the game with these key statistics to navigate the upcoming week with confidence and knowledge.
Almost nine in 10 marketers worried about tech replacing jobs
The vast majority of marketers, about 87%, worry that technology, such as generative AI, may take over jobs in their fields.
Overall, there is a significant level of worry regarding potential job cuts. Approximately 89% of individuals express concerns about possible layoffs within their organization.
Many marketers feel anxious due to rapid changes and a lack of space to adapt. A survey found that 61% of marketers have recently experienced a change in process or technology at their organization.
Half of the marketers (50%) find martech to be complicated and challenging to use. Additionally, about two in three marketers believe that learning new technologies takes time away from their everyday responsibilities.
Having a stable leadership team can help boost confidence within the business. However, 20% of marketers have recently gone through a change in senior leadership.
In addition, more than half (55%) of marketers feel that their current job expectations do not align with their actual roles.
Source: Gartner
Retail footfall sees steepest drop since pandemic
Retail footfall saw its steepest fall since the pandemic, according to figures from the British Retail Consortium (BRC) and Sensormatic.
Total UK retail footfall dropped by 6.2% compared to last year in February, which was a sharper decrease than the 2.8% decline seen in January.
The high street experienced the biggest drop in footfall during the month, mainly due to wet weather. Footfall on UK high streets went down by 9.3% in February compared to the same month in 2024. Shopping centers also saw a notable decrease of 7%. Retail park footfall also declined, falling by 5.8% year over year.
Sensormatic Solutions retail consultant EMEA Andy Sumpter reports that in February, disruptive forces collided, leading to a decrease in store traffic. This resulted in the lowest number of store visits since the pandemic.
With energy prices still high and limited spending budgets, the recent confirmation of the UK's 'technical recession' in 2023 seems to have further dampened consumer confidence.
Source: BRC-Sensormatic
Grocery shoppers spend extra £500m on promotions
Consumer spending on promotions and deals increased by 4% compared to last year in the four weeks to 18 February 2024, according to figures from Kantar.
An additional £586 million was spent during this period compared to the same month in 2023.
In general, the rate of inflation for grocery prices dropped to 5.3% over the four-week period. This is a decrease of 1.5 percentage points from January and marks the lowest inflation rate since March 2022.
The traditional big four have attempted to compete with discounters by matching their prices on certain products, but this has not stopped the continued success of Lidl and Aldi.
Lidl has been identified as the UK's quickest-growing grocery retailer for six consecutive months. In the 12 weeks leading up to 18 February, Lidl experienced a sales growth of 10.9%, increasing its market share to 7.5%. Aldi also saw sales growth surpassing the industry average, maintaining its market share at 9.4%.
During the cost of living crisis, a noticeable shift occurred in consumer behavior as more people started choosing own-label products over branded ones. This trend has continued even as inflation has started to decrease. According to Kantar, private label products have seen a growth of 5.5%, surpassing the growth of branded products at 5.3%.
Entertaining brand content over-delivers on social media
Research indicates that entertaining content is highly effective for brands on social media. A social media management platform called Dash Hudson rated brand content based on its entertainment value. They then conducted a study to determine if a high entertainment score was linked to better performance.
On average, brands that enhance their content with an entertainment score above five out of 10 experience over double the number of video views, according to the research findings.
Yet, only 16% of the boosted content achieved a score higher than five in entertainment. This indicates that brands should be more thoughtful and strategic in selecting which content to promote on social media.
Dash Hudson has collaborated with NielsenIQ to examine the performance of beauty brands on TikTok Shop. The report reveals that the top five beauty brands on TikTok make up one third of TikTok Shop sales among 500 brands in the beauty industry.
Although not the most widely recognized beauty brands in the UK, BPerfect, Made by Mitchell, Nature Spell, Plouise, and the Beauty Corp stand out as leaders in the TikTok Shop sector.
Source: Dash Hudson and NielsenIQ
Return to office is boosting in-person shopping
Workers returning to the office is boosting the fortunes of bricks-and-mortar shops, according to research from Bazaarvoice.
In the UK, professionals are more inclined to return to the office, as research shows that over two-thirds (68%) of workers are back at their desks for at least part of the week.
This return to the office is also leading people to visit physical stores, as more than half (55%) of these consumers who have returned to the workplace are spending more in brick-and-mortar shops.
British consumers are split on where they shop the most. Around 35% prefer physical stores, while 34% opt for online shopping. The remaining 31% evenly divide their spending between online and brick-and-mortar retail.
Editor's P/S:
The article presents a comprehensive overview of various trends and concerns within the marketing and retail industries. It highlights the growing concerns among marketers regarding the potential impact of technology, such as generative AI, on job displacement. It also sheds light on the challenges faced by marketers due to rapid changes and the need for adaptation. The steep decline in retail footfall, particularly on high streets, is a cause for concern, indicating the ongoing challenges faced by the sector. The article further explores the increase in consumer spending on promotions and the shift towards own-label products, reflecting the impact of the cost of living crisis on consumer behavior.
Overall, the article provides valuable insights into the current state of the marketing and retail industries, highlighting both the opportunities and challenges faced by businesses in these sectors. It emphasizes the need for marketers and retailers to embrace technological advancements while addressing the concerns and challenges that arise from them. By staying adaptable and responsive to changing consumer behaviors, businesses can navigate the evolving landscape and continue to thrive.
