Retail Forecasts Report 2024

The rising influence of Gen Z

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Retail Forecasts Report 2024

Our Retail Forecast Report looks at the market factors impacting retailers and looks ahead at the opportunities and challenges to retailers and consumer brands.

The sector has faced unpredictable events, disruptions to supply chains and escalating inflation, resulting in a continued inability to predict the short term. Despite these difficulties, we have seen clear actions demonstrating resilience and strong propositions, while remaining agile to navigate through recent times.

In this environment, retailers need to look for pockets of growth, and for this year’s report we are focussing on one such opportunity: Generation Z (Gen Z) shoppers. Each year Gen Z is growing in spending power. They have been relatively protected by the recent unpredictable events, and tend to be trend-driven and are willing to spend on the most up-to-date products and brands. Retailers can capitalise on this lucrative demographic to find success in 2024.

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Retail Trading Update 2024

Watch our annual Retail Trading Update webinar where our experts reviewed the performance of the retail sector in 2023, explored the 2024 forecast trends, discussed findings from our consumer survey and had an economic overview from UBS. The event concluded with a live Q&A with insights from tax, cyber and business restructuring.

This report touches on why retailers need to stay on top of the latest trends when it comes to technology, social media, loyalty schemes, and ESG .

Click below to see retailer quotes which feature in this report.

“It’s early days for exploring Generative AI, but we are always looking to raise the bar on our customer experience and help make our customers’ lives easier.” Amanda Yu, Ocado Retail

“TikTok is educational and entertaining. This ‘edutainment’ factor is really capturing people’s imagination and that’s why engagement levels are so high and conversion is more effective.” Lucy Beresford, SLG Brands

“Retailers have got to do something distinctive and make sure it feels worth it from a customer point of view” Ross Avery, John Lewis Partnerships

“ESG is the right thing for the world and the environment but there is a way to go before it’s a major purchase driver.” Ross Avery, John Lewis Partnerships


If you would like to discuss this edition of the report further or any wider sector issues, please contact Sophie Michael, National Head of Retail and Wholesale or speak to your usual BDO adviser.

At BDO we play a leading role in the retail market and work with many of the biggest brands in the industry. We understand the challenges and industry issues our clients face. Our retail team aim to deliver an integrated, full service offering, to provide practical financial advice on everything from mergers and acquisitions and tax planning to auditing and accountancy. We are also well connected with a wide range of retail professionals and works closely with banks, private equity houses, brokers, as well as lawyers and property professionals who specialise in the retail sector. To find out more and to get in touch click here.


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