UK Half-Yearly Insights Report 2024
Key research findings
Following our report at the start of the year, we’re excited to dive deeper into the UK's key drivers, macro shifts and trends transforming UK buyer behaviours and how brands approach their packaging. As we look towards 2025, we’re exploring what’s making a splash across key sectors and uncovering opportunities that could be a catalyst for business growth.
*Research undertaken by Smurfit Westrock UK in 2024
What’s next? Key themes for businesses moving forward
Responsibility: The time is now.
Regarding sustainability, brands are responsible for protecting the planet, their consumers and their workforce. Taking ownership of sustainable practices and transparently communicating them will be mission-critical for future success and security. As well as helping brands meet changing legislation, businesses can use their ESG initiatives to build trust and loyalty among increasingly eco-conscious consumers.
Brands that adopt sustainable practices now will be ready as we move into 2025 and beyond, where regulation changes are likely to continue and get more rigorous.
- 58% of consumers believe too much responsibility is placed on the individual rather than on brands. *Provenance
- 94% of consumers say it’s a brand’s responsibility to create products that are not harmful to the earth, with 61% believing they shouldn’t have to think about sustainability while shopping. *Deloitte Global
Trust: The new currency
Trust has become a new currency between brands and consumers. With consumers looking for dependability and reassurance from the brands they buy from, brands must stand out as reliable and authentic.
Global consumer markets are expected to expand even further, with the global consumer class - defined as those spending at least $12 per day - expected to reach five billion by 2031, so the demand is out there. It’s about sending the right message to show consumers why they should pick one brand over another. However, there is currently a discrepancy between the trust brands think their consumers have and the actual trust consumers feel.
To bridge this gap, brands must focus on building trust across all areas of business (PWC).
- 40% of consumers look for businesses that show authenticity. *GWI
- 88% of consumers who trust a brand will buy again. *Deloitte
- UK consumers are reportedly willing to spend 44% more on average with retailers they trust. *Retail Insight Network
Technology: Embrace to stay one step ahead
Embracing technologies such as AI, AR and operating within the Metaverse while maintaining a human connection across various touchpoints is essential for businesses wanting to thrive in competitive industries. These technologies offer a range of opportunities, from optimising supply chains to creating interactive packaging and even improving the overall consumer experience from beginning to end.
With technology, brands can stand out by engaging consumers with personalised, innovative interactions.
- Brands perceived as innovative afford 3x more growth than brands that aren’t. Kantar
- UK businesses that use it as part of their key service offering make an average of 152% more per year in revenue – equivalent to £9 million each. *IT Pro
Premiumisation: Elevate your brand, elevate your market
Successful brands are becoming more premium (Kantar), and this is set to continue throughout 2024 and beyond. As we move into 2025, premiumisation will increase brands’ profits while maximising their share across all consumer segments.
With the cost-of-living crisis still impacting many consumers, value is no longer solely about price - it’s about product quality and longevity, with consumers purposely seeking products that deliver maximum ‘value’.