A recent survey by Legal & General, with over 2,000 UK adults, revealed 45% of respondents noted more shops have closed on their high street and 37% noted fewer retail shops, reflecting a tumultuous landscape. Despite this, on average, Brits visit their local high street 81 times a year, with Glasgow (93 visits), London (92 visits), and Cardiff (87 visits) leading the pack.
Looking closely at Legal & General’s findings, age and geography are some of the factors that influence relationships with the nearest high street. 36% said convenience is what they enjoy most, which rose to 41% among the oldest age group (aged 55+). Almost a quarter (24%) said the variety of shops and businesses was the biggest appeal. The youngest age group (16-24-year-olds) were most likely (34%) to mention this factor.
Here are some of the key findings Legal & General found:
- Charity shops are rising in popularity, as inflation soars: 37% of Brits have shopped at a charity shop in the last year. Many Brits liked to save money, as cited by 38% of those polled who said charity shops are appealing because they are cheaper than regular stores. Moreover, 30% of Brits said they liked the fact that their money was helping support a charity. Interestingly, the findings revealed women were more likely to shop in a charity shop according to 42% of women versus 31% male respondents.
- Brits enjoy supporting their local high street: Despite the increased cost-of-living, it’s great to hear that respondents are actively supporting their local high street. 37% of Brits say they support their local high street by eating at local restaurants and cafes, 32% support their high street by shopping at independent local retailers. Whilst 32% support their high street by shopping at local charity or thrift shops, 12% of Brits take part in community events and enjoy that community spirit.
- Brits want to make high streets more affordable: Whilst the average Brit frequents their local high street around 81 times a year and most Brits (24%) visit their high street once a week, a quarter of Brits (25%) who don’t visit their high street revealed financial incentives such as further sales and discounts would encourage them to visit their high street. Another 21% of Brits said cheaper parking would help encourage them to visit their local high street more often.
As Legal & General’s survey suggests, high streets are perhaps becoming less about the transaction and more about the experience. Whether it’s meeting friends for coffee, grabbing a bite to eat or trying on new clothes, high street offers an experience that simply can’t be replicated online.
And for some, high streets hold a special place in their life. High streets can evoke precious memories, and give our towns, villages and suburbs their own distinct identity. 36% of those Legal & General polled said local businesses are important for the character and identity of their community.
Even the rise of the charity shop – 37% have visited one in the last year – has given high streets some popular local shopping options. 38% told us they find charity shops cheaper than regular stores, 34% appreciate the unique finds, while 30% say they like giving money to charity shops because it’s a good cause.
These results show that community is key for many in the UK with nearly a quarter of Brits agreeing their local high street is great. It is great to hear that many Brits are actively and financially supporting their high street by shopping locally even when many are trying to cut back on spending.
