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British retailers should fly the flag, capitalize on increased pride
Following a year of celebrations in the UK, the population is a lot more "proud" to be British which, says retail and shopper marketing agency Savvy Marketing, will have a knock-on effect for retailers.
The Queen's Diamond Jubilee, along with the Olympics and Paralympics, has done much to swell the pride of the British.
According to Savvy Marketing's "Proudometer", attitudes towards "Britishness" have changed significantly. Whereas 59% of the population was "proud" to be British at the start of 2012, that figure has rocketed up to 76% at the end of August.
While all age groups saw increases in pride as the year progressed, it was more evident among older age groups. Among 65 - 74 year olds 58% said they were "very proud" at the end of August compared with 30% of 18 - 24 year olds.
The knock-on effect for retailers is the increase in propensity to "buy British". At the start of 2012 just over two-thirds said they were likely to buy goods made in their country. By the end of August that figure had risen to nearly three quarters (72%).
The age group that is more likely to buy British now than at the start of the year is the 45 - 54 year olds, rising from 25% at the start of 2012 to 32% in August.
"Our panel shows the Olympics in particular has provided a massive boost to the pride of being British and has given the nation as a whole a much needed positive lift during very tough economic times," said Catherine Shuttleworth, CEO of Savvy Marketing.
"The retail sector has seen inconsistency in spending patterns over the summer, but now needs to turn its attention to maximizing and prolonging this feel good feeling and positivity in the build up to Christmas. Those retailers who decide to continue to fly the flag may well be able to keep the British love going to their commercial advantage."
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