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New report by John Lewis suggests cost-of-living won’t deter shoppers

By Rachel Douglass

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Business

Image: John Lewis Partnership

John Lewis has launched a new report exploring the changing habits of UK shoppers, outlining how customers have adapted their needs and desires over the past decades.

The ‘Moments Economy: How We Shop, Live and Look in 2022’ has been developed over the course of 18 months and detailed a new trend among consumers which John Lewis has entitled the ‘Moments Economy’.

Factors contributing to this shift, according to the retailer, include the increasing desire to appreciate real moments in our lives while living in an increasingly digital world.

This shift was evident in the report’s collected data from surveyed shoppers, in which 77 percent of respondents said that despite the rising cost of living, it was still important to experience moments that make them happy.

Two-third of respondents said that if their living standards go down, they won’t stop celebrating with friends and family, meanwhile 72 percent said they don’t have to spend a lot of money to be happy.

The trend was also linked to clothing sales at the department store, which found that hat sales were up 169 percent, occasion shoes up 38 percent and bridesmaid dresses up 19 percent, linking to the increasing number of special events.

In the release, John Lewis’s executive director, Pippa Wicks, responded to the report stating: “Today marks the first step of our journey to reimagine our business around a powerful insight: the impact of moments. Customers have told us that the everyday moments are a reflection of the lives they want to lead.

“We are already synonymous with the big occasions, from Christmas to planning a nursery. In rising to the emerging Moments Economy, we will become the place that people know they can come to bring a little joy to all of life’s moments.”

John Lewis
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