M&S has published its Family Matters Index highlighting that the importance of value will be ever more important in 2024 to consumers, particularly as they recover their spending following the festive period.
The index – which looks to understand the priorities, challenges, and ambitions of its shoppers across the UK – found 39% of families intend to spend less and save more. It also found 79% are concerned about the cost of living crisis, and 46% are making ‘value’ their top priority when shopping
Using Yonder interviews of 5,016 adults online between 11 – 18 December 2023, the index found alongside the adoption of healthier habits in 2024, families are also making an active effort to be greener. With 20% saying they are aiming to be more environmentally friendly this year.
Many are already taking steps to be more conscious, for example by recycling as much as possible (78%) and minimising food waste (66%). Many families attach importance to understanding how they can be even more sustainable in everyday life (59% agree that it is important for them to understand changes they can make to lower their carbon footprint).
Additionally, 35% would be happy to pay more for sustainably produced products, with women more likely than men to be environmentally conscious.
“Though emphasis is placed on the role businesses and retailers must play, many recognise the responsibility they have as individuals and attach importance to understanding how they can be more sustainable in everyday life,” the index stated.
It also looked at consumer optimism finding nearly half (46%) of families are feeling positive about their prospects for the next three months (vs 48% in Oct ’23). This has declined since before Christmas (-2% vs Oct ’23), however is strong compared to one year prior (Jan ’23) when optimism sat at 38%.
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