Research reveals that market traders have a growing digital opportunity
Millennials are giving UK markets a new lease of life, visiting markets more often today than they did five years ago and spending double that of their seniors on average.
At the same time, ‘The Great British Market Revival’ study, released today, reveals new opportunities for traders to grow their reach and attract new customers with the help of digital: almost half (46%) of Brits visit markets less today than they did five years ago, with a lack of digital presence cited as one of the reasons they don’t visit markets more often. And of those millennials who don’t currently visit markets, the majority (44%) would most likely discover information about their local market online.
The survey into local markets is released at the launch of a nationwide initiative to upskill market traders and small business owners and help them grow online, led by Google and The Ministry for Housing, Communities and Local Government, and supported by The Federation of Small Businesses.
When asked how often they visit a market, 30% of millennials said ‘at least weekly’, compared to 16% of those aged 45 and over. Millennials also spend more in markets, with the average visit costing £35.41 – more than double that of people aged 45 and over who spend an average of £15.18.