UK consumer spending reports produced by government and a myriad of others point to historical data sets that show where people choose to spend their money. Individual consumer spending reports show data that allows businesses to fine tune their tactics, and over time collectively they show clear patterns that dictate strategy.
UK consumer spending reports show where markets are going, in what directions and over measured time periods. They report on market conditions and any businesses trying to fight against the market will lose, as we were all shown today by Thomas Cook.
With very few exceptions, mainly the over 60’s in lower socio-economic groups, people no longer walk down the high street window shopping for the best deals in travel. Most people now, any for many years have, browsed and booked their travel online. Most businesses should not need to research this too much, if at all, in 2019.
On the news of the collapse of Thomas Cook around 600 shops on UK high streets have closed today, one question has to be, why did they have 600 high street shops in 2019?
UK consumer spending reports have shown for many years that UK consumers buy travel online. The pattern has been in one direction since the early 2,000’s, it has not waivered, it has followed an almost linear growth curve, except for the global downturn in almost everything 2008 – 10.
In 2011 when consumer spending and markets recovered somewhat, Thomas Cook embarked on the takeover of the Co-op retail travel agency chain, at a time when real estate, rates and rentals were at a premium. Other travel companies at this time were investing in their online operations, following UK consumer spending reports.
There are a catalogue of reasons quoted today for the collapse and many could be considered as reasonable, overlooking the biggest is difficult.