KPMG: 2022 UK retail sector trends & forecast
Last week, Paul Martin, Global Retail Lead & UK Head of Retail at KPMG kindly joined me for a video interview to talk about the trends of the retail sector since we last discussed this in 2020, what’s to come in 2022 and where we should be focusing our attention/efforts in order to be successful.
Key themes retailers need to focus on:
1: Geopolitical implications and COVID-19 impact
- COVID-19 is still affecting large parts of the world, especially Asia – China. This is having an ongoing effect on Import/Export, Production, Supply Chain etc.
- The situation in Ukraine has also had serious supply chain implications for many retailers. In some cases, there has been a major impact on commodity pricing (e.g. Wheat and Sunflower Oil).
- A combination of these factors alongside other political developments have had a massive impact on consumer spend and behaviour. A rise in utility prices, inflation, and the cost of living has seen disposable income drop significantly. Consumers are increasingly having to compare costs against each other and budget to deal with costs continuing to rise into the near future.
- These factors will have a long term impact on the performance of many retailers for the next 12/18 months at least!
» Read more about: KPMG: 2022 UK retail sector trends & forecast »
