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Yorkshire businesses urged to target consumer spending priorities

Targeting market intelligence into consumer spending priorities can help businesses grow in the current tough economic climate, Yorkshire businesses have been told.

An insight into spending patterns by market research companies such as Mintel can help businesses maximise growth potential, a national Yorkshire Bank teleconference hosted from its Leeds Business and Private Banking Centre heard last week.

New research by Mintel shows that most people are reasonably confident about the economy with 67% saying their financial health is healthy; 46% saying their finances were better than a year ago and 55% saying that, while they are concerned about the year ahead, they believe they will get by satisfactorily.

The research, outlined by Toby Clark and Gustaf Schalin from Mintel and Richard Wallace from Clydesdale and Yorkshire Bank, showed that, while shopping habits are in flux, consumer spending last year was more than £1trillion.

The teleconference heard that 76% of people throughout the UK polled are keeping a closer eye on their cash with clothes, savings and holidays topping spending priorities for the last three months and for the coming three months.

Mintel’s research also reveals that people are questioning the value of brands and focusing on value rather than price and this gives consumer businesses a chance to target people who are receptive to new products while reassessing their spending priorities.

Richard Wallace said: “The event showed that, although there may be a perception that people do not have money to spend, there is a real opportunity for companies to reassess how their products are viewed and to make a new case for value at a time when people want value for money.”

The teleconference was the latest in a series of a nationwide series of events hosted by Clydesdale and Yorkshire Banks to allow business customers to network and hear from some of the UK’s leading economists and professionals.

Recent events have covered a number of subjects including the UK budget, trade in emerging markets, and the care home sector.

This was posted in Bdaily's Members' News section by Mark Lane .