UK retailers should focus on Eid, says GlobalData
The religious holiday represents an “untapped market” which can become a revenue boost for retailers
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Leading data and analytics company GlobalData is advising UK retailers to appeal to younger cash-strapped consumers who are celebrating Eid.
GlobalData’s UK Consumer Views report conducted on 2,000 nationally representative shoppers revealed that 24.4% of consumers aged 25-34 plan to celebrate the holiday, followed by 20.8% of those aged 16-24 who also intend to celebrate.
The data company argues that Eid is still a relatively “untapped market” for major retailers but it could provide major opportunities to boost revenue and shopper engagement.
As a result of lower income among young consumers, as well as Eid being impacted by the cost of living crisis, GlobalData argues that retailers must focus on their entry-level pricing and promotional offers to drive profits during the event, which this year falls between the 20th and 21st of April.
Jamel Boughedda, retail analyst at GlobalData, said: “The grocers are well-placed to cater to this demand, so should ensure they promote the occasion with targeted in-store ranges and curated product selections online. It is also essential that retailers time any Eid-related promotions, marketing, and ranges correctly, as 34.8% of consumers purchase items just before Ramadan, and 37.1% buy during Ramadan. Focusing on Eid during this period will help retailers better engage with their consumers and fully capitalise on the occasion.
“Retailers’ propositions must resonate with their shoppers for them to prosper, and as there are over three million Muslims in the UK, major retailers should make sure they focus on Eid.”
