London’s ‘’Entertainment Economy” keeps people spending in the capital
Research from CBS Outdoor UK reveals how London’s unique retail and entertainment landscape drives us to spend more
CBS Outdoor UK today announces a new piece of research, the ‘London Shopper’, examining emerging audiences and trends in shopper behaviour in Central London.
The research, launched today at Westfield Stratford City where CBS Outdoor UK employs Europe’s largest digital retail advertising inventory, examines how London is influencing consumers’ shopping habits through the unique role it plays in enhancing the shopping experience, creating a sense of occasion and inspiration. In addition, the results also offer insight into how the city’s retail has resisted the pinch by maximising on its role as the ‘London Entertainment Economy ‘.
London is a world of inspiration for shoppers with 73% of those surveyed stating they pay more attention to what is going on around them when shopping in the city than they do on their local high street and over half agreeing that London inspires them to try out new things.
As an unrivalled entertainment hub, spending time in London is perceived as an occasion where shoppers can let their hair down and forget their financial worries. Indeed, two thirds of those surveyed claimed to spend more money when shopping in London compared to elsewhere and 58% state that they would buy something they wouldn’t normally buy when in London.
These results highlight London’s special appeal as a shopping destination in its ability to offer shoppers a whole experience that extends beyond just shopping. A massive 97% of respondents extend their London shopping trips to include other activities such as lunch (72%), meeting friends (57% women, 40% men) and visiting more than one shopping location within Central London (49%).
London has long been one of the most popular shopping destinations in the UK; 26,000 stores house 138 of the world’s 250 leading retail brands, generating a huge consumer pull ensuring the highest level of retail sales in the world (£62.4bn). So whether in Westfield or Covent Garden, almost 80% of London shoppers agree there is a buzz about shopping in London that you don’t get anywhere else. However, the research also revealed that London shoppers are congregating in some key ‘villages’ or areas that meet their specific range of retail and entertainment needs.
While Oxford Street still reigns supreme in the capital, the list of the top destinations shows the diversity of the capital’s offer, with the shoppers’ definition of central London now stretched between the two Westfield centres in the east and west and including new landmark destinations like One New Change. The top five is below:
Oxford Street (75%)
Covent Garden (43%)
Westfield Shepherds Bush (40%)
Regent Street (38%)
Tottenham Court Road (34%)
Jason Cotterrell, Country Manager UK at CBS Outdoor UK comments:
“Shopping in London is all about a fully engaging, entertainment experience. During consumer’s time in the capital, they are seeking inspiration not only in the retail environments but also on their journeys via the Underground and Buses.”
“As a shopping destination, insights from our research have highlighted that nothing compares to London for consumers, who will dig deeper and spend more money, take more time and pay more attention whilst shopping in the city. This in turn indicates a strong future for bricks and mortar retailing in London, albeit with a need to provide that little something extra to create a more fully immersive experience.”
CBS Outdoor UK’s recent partnership with Westfield Stratford City created Britain’s biggest digital retail outdoor partnership, with 100 digital screens installed alongside four larger format, iconic digital screens, strategically located to capture shoppers as they enter and move around the centre. In its first week of opening, the centre attracted over 1m visitors.
The online survey polled over 800 people living in London and the South East who have shopped in London in the last six months. The research was produced in conjunction with Work Research as well as Dr Sue Eccles at Bournemouth University Media School.
