1、Another retail thought leadership report brought to you in partnership with Retail Economics“Explore thought leadership with Retail EconomicsWe can help you get the media coverage you need to elevate your business profile.Our research features regularly in these media outlets:Retail EconomicsCustome

2、r Affluence and the Wealth EffectCustomer Affluence and the Wealth EffectA report by Retail EconomicsIn partnership with beBettorExecutive summaryIn todays rapidly evolving economic landscape,understanding consumer spending behaviour and customer affluence is pivotal for retail success.Leading brand

3、s,leveraging technology,AI,and extensive customer data,are revolutionising real-time consumer engagement and crafting sophisticated marketing strategies.This report underscores the critical role of customer affluence in shaping spending patterns and preferences,offering retail brands the opportunity

4、 to significantly enhance marketing strategies and sales performances through personalised communication.Amidst an economic recovery,its imperative for retailers to harness new insights from increasingly granular datasets.Despite the wealth of newly available information,many businesses lag in effec

5、tively integrating external data with internal transactional insights,overlooking the trends that could unlock potential sales growth.Traditional use of postcode data(even when combined with customer transaction data and lifetime value estimates)is now inferior compared to precise customer affluence

6、 scores integrated into robust algorithms to realise accurate consumer insights.This report also explores the“Wealth Effect”and its impact on the retail sector,which further underscores the importance of understanding individual customer affluence for retail brands.We estimate that past falls in hou