Lund says: “This squeeze has not affected all consumers in the same way. Despite some room for behaviour change, the fact is that families still need to buy food. As a result, it is discretionary non-food spending that has really felt the brunt of rising prices.”
One way retailers can keep a close eye on the impact of consumer spending and how this compares with their own business versus the sector is to use the BRC Retail Sales Monitor which is powered by the Qlik Analytics Platform. The RSM platform enables retailers to benchmark their performance against rest of the retail market. In addition amongst many insights, the platform allows retailers to analyse your company’s growth ranking by category, by online or by store.
We don’t have an idea how long this disrupted period is going to have on retailers, or how this uncertainty will impact consumer spend, but there has never been a more critical time to use the data inside your retail organization to get ahead of the changing landscape.