55% of UK consumers still actively engage with their favourite fashion brands, even if their financial situation doesn’t currently allow them to purchase their products.
Consumers see this engagement as a view of purchasing once again as soon as their financial situation improves – illustrating their brand loyalty and determination to purchase.
The latest research from Centra came after over two years of the cost of living crisis negatively impacting consumers’ disposable income. Now, 64% of customers are buying fewer fashion, apparel, and lifestyle products.
To save money, a quarter of customers are buying second-hand items, with another quarter reducing fashion spend by choosing lower cost items or accessories.
“The data clearly shows the power of brand equity as a sustainer of customer loyalty and UK brands need to remain focused on nurturing existing customers to make sure they return to spend when the economic recovery comes – and that means investing in customer engagement,” says Martin Jensen, CEO at Centra.
Fashion brand engagement is still high, even if shoppers’ spending signals are not what they once were.
Over half (53%) still view new products, watch or read brand content and follow these fashion brands on social media. While spending on them less often, 23% say they will roman loyal to their favourite brands.
“Fashion and lifestyle brands need to work with a specialist ecommerce platform partner that provides the core features out of the box to build a store that best serves a brand and its customers’ needs, allowing it to remain focused on all elements, from product design to brand content and customer experience, that reinforce the unique brand experience to engender long term loyalty and ultimately sales as economic conditions improve.” continues Jensen.
This research highlights the benefits and impact to investing in and maintaining customer relationships to build that unconditional loyalty.