A new report by Retail Economics and Ulster Bank identifies the key trends affecting the high street in 2022. As the economy emerges from the pandemic, the sector is finding new ways to operate.
Retail, hospitality and leisure were among the hardest-hit sectors during the pandemic, with lockdown restrictions forcing many businesses to adapt at pace and bring forward their plans for innovation.
As we emerge from the pandemic, retail is adapting again, this time embracing further innovation in the context of a much-changed economy. When lockdowns were in place, more consumers shifted online, and according to the research conducted by Retail Economics and Ulster Bank, this trend is likely to continue.
Importantly, businesses now require different skills and operating models in order to remain relevant to the new needs of their customers, while simultaneously dealing with supply chain challenges, inflation, varied discretionary spending power and the near-term effects of Brexit.
David Scott, our Head of Retail and Leisure, says: “This report highlights a healthy rebound of the UK economy in 2022 as we acclimatise to a life with Covid. For a sector that is reliant on consumer confidence and discretionary spending, a feel-good period will help us push on from where we are now, into a more dynamic and innovative 2022.”
Highlights from the report
This material is published by NatWest Group plc (“NatWest Group”), for information purposes only and should not be regarded as providing any specific advice. Recipients should make their own independent evaluation of this information and no action should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not been independently verified by NatWest Group and NatWest Group makes no representation or warranty (express or implied) of any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any views, forecasts, or estimates are solely those of the NatWest Group Economics Department, as of this date and are subject to change without notice.