Sporting triumphs and tackling trust in the consumer sector

A recent article in The Times newspaper pointed to an interesting survey by Barclays in relation to consumer spending in the UK.

The report reveals that spending at pubs and bars last month increased by 6.1% thanks to the surge in gatherings related to the Rugby World Cup.

The correlation between sporting events and consumer spending highlights the powerful connection between the two sectors and a prime example of how major tournaments can provide short-term growth opportunities for hospitality businesses.

With the tournament now approaching the quarter final stage, it is vital companies do what they can to take advantage of the situation, not just in relation to rugby but other events such as the Cricket World Cup which has recently started and runs for another month.

However, it is important to recognise that while sporting events offer short-term benefits, there are longer term focuses which allow consumer businesses to be more resilient.

The recent report from Barclays, for example, highlights this issue of trust in relation to loyalty schemes. Barclays found that two thirds of those surveyed, questioned the value of loyalty schemes, believing some supermarkets inflated regular prices before promotions.

We know how consumers are increasingly concerned about transparency with regards to environmental practices, such as greenwashing, and the article in The Times reveals how important it is in relation to pricing.

Building trust should not be viewed as a quick fix, but rather as a long-term strategy. It requires a commitment to transparency, honesty, and open communication with customers.

By prioritising trust and addressing concerns related to loyalty schemes, retailers can establish strong and enduring relationships with their customer base, leading to sustained growth in the long run.

How we can help

For more information about our consumer goods and services team, please visit our website here or contact Charlotte Rees-John