Category: Uncategorized

A recent study has indicated that the behaviours, attitudes, and shopping preferences between Gen Z and Millennials are not as different as what is often portrayed in the media.
In fact, both groups display very similar consumption patterns and preferences.
Both generations showed a marked preference for short, easily digestible video content such as Instagram Reels and TikTok. Daily video consumption was found to be consistent between the two generations, with 46% of respondents watching these platforms every day, and 66% engaging with them daily or every few days. There is already a massive opportunity for product discovery for new or small businesses with 21% of millennials and 14% of Gen Z audiences saying they often buy from brands they’ve never heard of before because of a social media recommendation. This indicates that Millennials are just as if not more reliant on social media as a source for shopping recommendations.
The study shows that both Gen Z and Millennials have a keen focus on wellness and upgrading their lifestyle habits, with social perception and image playing an important role in their lives. Specifically, fashion, makeup, dining, cooking, and fitness emerged as the top categories for which both groups use IG reels and TikTok as their primary source of information.
When it comes to the length of digital content, different types of media come with varying levels of attention spans. Data showed that entertainment/streams and live sports streaming have the highest tolerance for longer viewing, while advertisements and reviews have the shortest amount of time.
The research highlighted the preference for utility over brand, a trend more pronounced in the Millennial group. 75% of Millennials and 60% of Gen Z respondents agreed with the statement, “I have no problem switching brands if I think it’s going to be a better option for me.” Over 50% of both groups also indicated that they were happy to buy knock-off versions of brands rather than paying full price for the real brand.
Furthermore, ethical considerations play a pivotal role in brand engagement. A higher percentage of Millennials, compared to Gen Z, reported they would stop buying from a brand if they found it was unethical.
Adelynne Chao, Founder at the Untold Insights, comments on the findings: “Our research has highlighted the importance of understanding the nuanced behaviours of these influential generations. While there are differences, the similarities are striking and hold significant implications for businesses. These findings underscore the need for marketers to focus on authenticity, convenience, and socially conscious branding, as these factors greatly influence both Gen Z and Millennials’ consumer behaviours.”
The report concludes that while there may be subtle differences in the consumer habits of Gen Z and Millennials, these two generations exhibit many overlapping traits and interests. It encourages businesses to recognize these similarities to create marketing strategies that resonate with both generations, leading to greater success and growth in today’s ever-evolving marketplace.
Read more:
Today’s most influential generation(s): a fresh look at the consumer behaviours of Gen Z and millennials

More than half of UK broadband customers have experienced problems with their connections, according to a report that says telecoms providers are adding “insult to injury” after forcing inflation-busting price rises on to their customers.
Many of the UK’s mobile and telecoms companies have been accused of “greedflation” for pushing through mid-contract price increases of up to 17.3%.
A report by consumer champion Which? found that 53% of broadband customers experienced problems with their connection – from slow speeds, outages and connection dropouts – in the year to January 2023.
Of the UK’s biggest providers, Sky, Virgin Media and EE were found to be the worst offenders, with 68%, 65% and 63% of their respective customers who were surveyed reporting problems with their connections.
BT fared the best among the UK’s biggest telecoms providers, although a majority of its customers who were quizzed – 51% – still said they had experienced a broadband performance problem in the last year.
Even among smaller operators such as Hyperoptic, Shell Energy and Utility Warehouse, which tended to fare better in the survey, at least 40% of customers said they had experienced at least one problem.
“It is completely unacceptable that customers who have faced these eye-watering increases are also experiencing so many problems with their connection,” said Rocio Concha, the director of policy and advocacy at Which?. “Earlier this year, many broadband consumers were hit with mid-contract price hikes of more than 14%, meaning it is more important than ever that their provider offers a reliable connection and good customer service.”
The Which? survey of almost 4,000 broadband customers also found that 44% had also experienced a customer service problem.
In May, the telecoms regulator Ofcom released its annual customer service report, which found that customers felt that call waiting times, getting through to the right person quickly and dealing with a complaint first time were all factors that telecoms companies could improve.
Last week the government met Ofcom to discuss how the telecoms industry could ease the financial pressure on consumers struggling with the cost of living crisis.
Potential actions raised included better promotion, and a larger range, of cheaper social tariffs for the most vulnerable and financially strapped customers.
In February, Ofcom launched an investigation into the widespread industry practice of using mechanisms to annually increase customer bills by inflation, usually measured by either the consumer prices index or the retail prices index, plus an extra increase on top of between 3.4% and 3.9%.
“While some customers may be able to switch away to a better service and prices, many are trapped in contracts where they either have to accept above-inflation price hikes [each] spring or pay exorbitant exit fees to leave their contracts early,” Concha said. “It is absolutely critical that Ofcom’s review of inflation-linked mid-contract hikes results in changes that ensure customers are never trapped in this situation again.”
Read more:
‘More than half of UK broadband customers’ hit by connection problems

The average five-year, fixed-rate mortgage has topped 6 per cent for the first time since November as banks and building societies continue to push up rates.
Five-year fixes have risen from 4.97 per cent to 6.01 per cent between the start of May and today, according to the financial data analyst Moneyfacts, adding £1,488 a year to repayments on a typical 25-year mortgage worth £200,000.
It is the first time the average rate has reached 6 per cent since November 21, in the aftermath of the Liz Truss mini-budget that sent borrowing costs soaring. Before that, rates had not been so high since December 2008, in the heat of the financial crisis.
Rates have shot up over the past two months on the back of consumer price inflation that eclipsed expectations. The rate has remained stuck at 8.7 per cent in successive months, the Office for National Statistics said.
This has fuelled expectation that the the Bank of England will again increase the base rate, presently 5 per cent, and keep it higher for longer. The base rate has risen 13 times since an all-time low of 0.1 per cent in December 2021. These expectations of future Bank of England rates, called swap rates, are used by banks to price fixed-rate mortgages.
Five-year mortgage rates are below two-year rates, which now average 6.47 per cent, because of the expectation that rates will fall away in time. Two-year fixed rates peaked at 6.65 per cent on October 20.
Read more:
Five-year mortgage rates average 6% for first time since Truss fiasco

The cost of living crisis has made it even more important to understand the ins and outs of our personal finances.
However, with the world of finance being fraught with confusing jargon, it’s no surprise that many of us regularly feel overwhelmed.
To find out how much Brits really know about their finances, Shepherds Friendly has quizzed 2,000 consumers across the UK on the topic of ISAs, investing and general personal finance.
Just 27% of Brits passed the money literacy test, meaning almost three-quarters struggle with financial literacy
Quizzing the UK on questions relating to ISAs, investing and general personal finance, Shepherds Friendly has found that almost three-quarters of people struggle with basic financial literacy with just 27% of respondents getting half or more of the quiz questions correct.
Breaking this down by theme, it might come as a surprise that respondents revealed they know the most about investing, followed by ISAs and general personal finance. With investing becoming an increasingly popular and accessible method for building wealth, this could explain why Brits have the best knowledge in this area.
The quiz also revealed that men in the UK are more financially literate than women, with 31% getting half or more of the questions correct compared to just 24% of women. Meanwhile, those aged 55+ scored the best on the quiz (scoring 35%) whilst those aged 18-24 scored the lowest (scoring 17%).
Residents in Southampton are the most financially literate in the UK
Those in Southampton proved to be the most financially literate Brits with 38% answering the quiz questions correctly. Southampton is followed by Cardiff in second place and Liverpool in third.
Meanwhile, Glasgow came out as the least financially literate city with just 16% of respondents getting our quiz questions correct. This city is followed by Sheffield and Belfast
Just one in three Brits are putting their savings into an ISA account with more than a quarter keeping their savings in a current account
With ISAs being one of Brits’ weakest knowledge areas, the study found that just one in three are putting their savings into an ISA, with those aged 18-24 the least likely to do so. Meanwhile, over two-fifths are putting their savings into other types of savings accounts.
Shockingly, more than a quarter admit to keeping their savings in a current account where their savings fail to make interest.
Gen-Zs are mostly sourcing information on personal finance topics from TikTok with a quarter turning to the app for guidance
Whilst the survey also reveals that Brits are mostly sourcing information on personal finance from their banks, it might not come as a surprise that Gen-Zs are mostly getting information about personal finance topics from TikTok.
Meanwhile, TV shows (such as The Martin Lewis Money Show) are the second most popular way for Brits to gather information on personal finance topics, and the most common way those aged 55 and over are sourcing their information on money related topics.
Derence Lee, Chief Finance Officer at Shepherds Friendly, says: “It’s never been more important to take time to understand our personal finances and make sure we’re utilising methods to help grow and protect our savings.
“Our study shows that there are areas of personal finance that many people struggle with. In particular, we found individuals lack confidence in their knowledge of ISAs. Whether you’ve never attempted to save before or are struggling to manage a realistic savings goal, there are simple steps you can take to help grow your personal finances without feeling overwhelmed. At Shepherds Friendly, we’re here to help you better understand and grow your personal savings with a range of ISAs available depending on your saving goals.”
For more information, see the full results here: https://www.shepherdsfriendly.co.uk/resources/money-literacy-test/
Read more:
Less than a quarter of Brits passed this financial literacy test

Two in five SMEs have had to stop or pause an area of their business because of a lack of finance over the last couple of years.
This is according to new research commissioned by Manx Financial Group, the financial services group.
Manx Financial Group’s research showed that the most popular external finance options for SMEs were unsecured and short-term business loans followed by secured and cash advanced loans. The survey also highlighted that nearly one in seven of SMEs that needed external finance and/or capital were unable to access it.
The biggest barriers faced by SMEs in sourcing external finance/and or capital were that it was too expensive, the process took too long (36%) and that there was a lack of flexibility with repayment terms. SMEs also cited other barriers such as the fact that the lender didn’t understand their business and that they received poor customer care.
The most common activities that SMEs have been forced to pause or stop because of a lack of financing were marketing, expanding into new markets, hiring the right personnel opening news offices or sites and R&D.
Over the next 12 months, SMEs believe sales, new market expansion and recruitment will be the areas that will see the most growth although despite a fall from last year, more than a quarter of SMEs are concerned that their business will not grow at all in the next 12 months. However, with appropriate external finance, most SMEs believe they could grow their business by up to 19%.
Douglas Grant, CEO of Manx Financial Group PLC, commented: “Unfortunately our research uncovers a persistent issue that we have long been witnessing: SMEs are still facing difficulties in obtaining finance. Alarmingly, this limited accessibility will result in detrimental consequences for both SMEs and the UK economy in terms of growth, especially during uncertain periods when it is most needed. The extent of economic growth being forfeited is substantial considering SMEs account for around half of all private sector turnover in the UK. We need more innovative measures to tackle this funding shortfall.
“As the cost of borrowing increases, many businesses are facing their own cost of living crisis. While many SMEs were proactive by locking their debt into fixed rate structures, it is now too late for other businesses that have borne the brunt of spiralling costs without a financial safety net. The government should intervene to mitigate the impacts on SMEs, which are the backbone of the UK economy.
“We have been advocating for a permanent government-backed loan scheme that is sector focused and involves both traditional and non-traditional lenders to secure the future of our SMEs. As concerns mount over the future of the economy, the significance of implementing a permanent scheme cannot be overstated, it could serve as a critical factor in sustaining economic recovery and in turn, determine the survival of numerous companies.”
Read more:
Two in five SMEs had to stop or pause business because of lack of finance, according to new research

Visa, Worldwide FIFA Women’s Football Partner, has announced a first-ever extension of the coveted Visa Player of the Match athlete award to support women-owned small businesses (WSMB) with $500,000 in total grant funding across the 64 matches and potentially 32 qualifying countries.
“Visa understands equity requires action and resources. We’re excited to use the world’s biggest stage for women’s sports to put the power for change into the athlete’s performance – and uplift a business in the home country of each game’s Player of the Match.” said Frank Cooper, Chief Marketing Officer of Visa.
One Athlete, One Woman Business Owner, One Inspiring Moment
The Visa Player of the Match trophy is awarded at each of the 64 matches to the player whom fans vote to be the most outstanding of the match. At FIFA Women’s World Cup 2023, audiences watching at home will once again have the opportunity to celebrate the women on the pitch and for the first time, help elevate women in business at the same time.
Building up to the final match, Visa will award 64 grants to women small businesses from the same country as the national team represented by the winning footballer.
Whether a player from first-time entrant Panama or a veteran from the defending champion U.S. team, a woman small business owner in the Player of the Match country the athlete represents will receive a grant to help towards her own goals.
The funding ranges in value from $5,000 for the 48 first round matches up to $50,000 for the final. The winning small businesses will be announced live at the athlete trophy presentation.
This initiative stems from Visa’s multi-year commitment to help women entrepreneurs access crucial financial resources and empower inclusion in the global economy. Supporting women in sport is important for future business success. According to a survey of 5,000 adults and 2,250 small business owners in 10 markets conducted by Wakefield Research for Visa:

Eight in ten (82%) WSMB owners agreed participating in sports impacts a person’s success in business.
Top four business skills the WSMB owners identified business leaders can develop by participating in sports were strategic thinking, teamwork, communication, and leadership.
81% of WSMB owners agreed that overcoming adversity in sports prepares people to tackle the most difficult situations in business.
89% of women surveyed agreed that children can develop skills vital to future professional success by participating in sports.

Visa is committed to empowering women across its organization and through its brand support. For more than 15 years, Visa’s investment in women’s football has advocated for equity, inclusion, and creating meaningful connections with athletes, fans and communities around the world. Visa is the first FIFA Women’s Football Partner, the first standalone sponsor of UEFA Women’s Football, and sponsor of national teams including the U.S. Soccer Federation and Mexican Football Federation.
Read more:
Women-owned small businesses to benefit from grants throughout FIFA Women’s World Cup

Rail travel is far more carbon efficient than previously thought, according to a rail industry group that has commissioned a new tool for calculating emissions.
The Rail Delivery Group (RDG), the association of train companies and National Rail that works to coordinate Britain’s railways, commissioned the development of the tool so that they could measure their carbon footprint properly.
The calculator, developed by Thrust Carbon, a sustainability intelligence platform, uses seven sets of data – including engine and fuel type, occupancy and carriage layout, and exact journey distance – to more accurately measure the footprint.
“The more granular you can get with the data, the better decisions can be made,” says Kit Brennan, founder and head of product at Thrust Carbon, who led the project.
Previously the calculation had been based on the UK government’s annual “greenhouse gas conversion factors for company reporting” data which involves one simple calculation – total energy consumed by the national rail network divided by total reported number of passenger kilometres travelled.
On the electrified rail route from London King’s Cross to Edinburgh Waverley station, figures showed emissions per passenger were 24kg/CO2e, where CO2e is a measurement used to show the total greenhouse gases emitted as an equivalent of carbon dioxide.
The first result from RDG’s new carbon calculator confirms this figure is actually 12.5kg/CO2e – approximately half the previous estimation, and 10 times less carbon than car travel or 13 times less than the equivalent flight.
The new calculations are part of the rail industry’s green travel pledge that aims to make travel sustainability information clearer so that travellers can make informed choices between transport options such as plane and car. This calculator will also enable businesses to measure their carbon emissions from rail travel more effectively.
“We want to empower businesses to make greener travel choices,” said Jacqueline Starr, RDG’s chief executive, who plans to make detailed carbon calculations for rail routes across Britain available by the end of the year.
Fuel use is a major factor, but there are also operational efficiencies to consider, Brennan said: “So, if a train runs but is completely empty, and you’re breaking down your emissions on a specific train then perhaps ticket prices should be lower to encourage more people to take those trains.”
He hopes that greater transparency with carbon emissions may add an element of healthy competition between rail operators that use the same train line: “That’s good because it encourages rail operators to invest in their trains, to have newer, more energy-efficient trains, and to lobby government to electrify more of the lines for the same reasons.”
Latest statistics from the Office of Rail and Road show that in 2021-2022, just 2km of track were electrified in Great Britain. “Basically HM Treasury has pulled the plug on electrification,” said Richard Hebditch, UK director at Transport & Environment, an organisation that campaigns for cleaner transport across Europe. “This new research from Thrust Carbon shows how electrified routes are clearly miles better for carbon savings, so it should be common sense for the government to have a rolling programme to electrify the rail network.”
“It’s basically stupid to have so many diesel-only routes, and older, polluting trains travelling around the system,” said Hebditch, who described the contrast between the old and new data as “dramatic”. He explains that the new calculator will not only show the variation of CO2 emissions between different rail routes but it will be possible to get a more accurate comparison between aviation and rail as well.
“This should be a catalyst for better understanding what’s on the railway and for showing that train travel is really good for minimal CO2,” said Hebditch. “This shows the clear case of the environmental advantages of supporting it. Hopefully, more [trains] will start to be electrified, routes can be decarbonised and we might see newer trains with regenerative breaking that put energy back into the system.”
Clive Wratten, chief executive at the Business Travel Association, said: “We’ve heard loud and clear from our members and the business travel community that consistency in carbon measurement is an imperative. This initiative from RDG on behalf of the whole rail industry has the potential to provide clarity and a robust green message to all parts of business travel.”
Once rail carbon information is displayed at point of sale, booking sustainable travel will be easier, especially when comparisons between rail journeys and flights are listed, Brennan said. “All our tools are about making sustainability effortless,” he added.
Plane or train?
A trip from Edinburgh to London on, say Monday 3 July, by train would start at £59, according to Trainline. It would take upwards of four hours and 40 minutes, and according to Thrust Carbon, would emit about 12.5kg of CO2 per passenger
A plane ticket from Edinburgh to London Gatwick on the same day would start at £65 (easyJet via Opodo) and take 1.15 hours (although that doesn’t include waiting times after check-in). And it would emit about 131kg of CO2.
Read more:
Carbon emissions from UK rail travel lower than previously thought

Shopping centres are so much more than a place to purchase a new outfit or a loved one’s birthday gift. In recent years, they’ve become an exciting social hub that serves in strengthening communities and shaping urban areas.
Online shopping continues to grow even post-pandemic, meaning it’s never been more important that these complexes continue to differentiate themselves from online retailers, cementing their place in society.
Across the UK, there are around 528 shopping centres that need to stay relevant in the digital age.
What makes shopping centres so opportunistic for brands and communities is the varied footfall. From the solo shopper to the young family looking for fun; the teenagers hanging out to the millennials running errands.
Jade Wilkie, marketing manager of Glasgow-based The Forge Shopping Centre, explores how shopping centres play a crucial role in helping communities thrive.
Events
In many UK cities and towns, events are held throughout shopping centres. The type of events can vary significantly, but most exist with the aim of educating or entertaining an audience.
These occasions give locals the chance to meet new people and have fun from one convenient spot, offering a well-deserved break from shopping or running errands, or just something to do on a Saturday afternoon.
As the cost-of-living crisis deepens, more people are seeking local, budget-friendly activities that don’t compromise on fun or facts.
Many events in shopping centres are either free to attend or significantly cheaper than if they were held in an independent venue.
While they may not make a large profit from these events, shopping centres can still benefit from gaining consumer data, increasing centre awareness, social media exposure, and strengthened loyalty from customers.
Employment opportunities
The existence of a shopping centre in a town or city means consistent, significant employment opportunities for the local community. And there’s quite a few shopping centres per area!
Let’s take the UK’s biggest shopping centre as just one example. Westfield London spans across 150,000m² (1.615m ft²), which is the same as around 30 football pitches. Inside the precinct is a whopping 255 stores, all of which need local staff to run.
Additionally, there are further employment opportunities beyond retail. Successful shopping centres need security staff, facilities managers, marketing teams, cleaners, and more.
These job opportunities can serve communities in an obvious sense, by providing employment so people can afford housing, food, and utilities, but also by allowing them to explore different career paths. This is especially important for the younger generation.
Jade said: “Everyone in Glasgow will already know just how much community matters to us here at The Forge. We’re always going out of our way to support local people, local businesses, and local charities, understanding that times are incredibly difficult right now and additional opportunities are needed.
“Shopping centres have a responsibility to support their neighbourhood in any way that they can, whether that be through employment or events, and this duty can’t be shied away from.”
Leisure and hospitality
Most centres now have offerings beyond stores and events. Most likely, you’ll find an exciting hub of bars and restaurants among all the shops, or at least a few fast-food options.
This underpins a shopping centre’s place in society as it offers something online retailers can’t…
An opportunity to catch up with family or friends over a bite to eat, or a way to refuel in the middle of a busy shopping spree.
In terms of leisure, the bigger the shopping centre, the more varied the offerings. Predominantly you’ll find a cinema attached to one of these complexes, but in some cases, consumers can even be offered bowling lanes, arcades, and mini golf courses.
These options provide families and teenagers with means of entertainment beyond games consoles and social media apps. As we’re often warned, excessive use of technology can be disruptive to relationships and prevent the development of vital relationship skills and communication skills.
Communities need varied, cost-effective, and more importantly, physical options when it comes to arranging social gatherings and family days out. Shopping centres offer exactly that, which strengthens their place in cities and urban areas.
Economy
Shopping centres play a crucial role in supporting the local economy, and not just through the employment opportunities discussed above.
With each complex, significant value is generated from the construction supply chain through direct impacts, indirect impacts, and induced impacts. This means that before a shopping centre has even opened its doors, it has contributed to the economy.
The existence of shopping centres creates local income tax contributions, cost savings to the government, inward investment, and additional growth.
Put simply, a strong economy means a better standard of living, which is why it’s in every community’s best interest to ensure their own is as sturdy as possible.
Shopping centres can’t do it alone
While shopping centres do indeed play such a crucial role in our communities, they can’t uphold their responsibilities without us, the consumers.
These precincts rely on people visiting the centres, buying from shops, and engaging with activities and events. Without this support, they can’t keep assisting the community in all the incredible ways that they’re doing right now.
You should consider this thought the next time you visit a website to make purchase or need to plan the next fun day out with family or friends.
Shopping centres play a critical part in maintaining a healthy, happy community, especially in urban areas. Let’s help them help us.
Read more:
The Role of Shopping Centres in Creating Communities and Shaping Urban Areas

UK commercial vehicle (CV) manufacturing grew 36.9% in May as 10,813 new vans, buses, trucks, coaches and taxis left British factories, according to new figures published today by the Society of Motor Manufacturers and Traders (SMMT).
The sector’s performance was the strongest in May since 2008, surpassing its 10-year high for the month last year, and marking the second consecutive month of rising output.1
Growth was driven by production for export last month, with a significant 48.1% rise in the number of CVs shipped overseas, at 7,943 units. More than seven in 10 (73.5%) British-built CVs left UK shores – 93.6% of which were exported to markets in the EU. More vehicles were also built for UK operators, meanwhile, with volumes up 13.1% to 2,870 units.
Manufacturers have made 46,927 units so far in 2023, up 14.3% on the same period last year, and a significant 47.6% above that in 2019.2 Positively, Britain’s CV production volumes are due to increase further this year, reflecting less turbulent global supply chains and the launch of a new electric van manufacturing plant.
Mike Hawes, SMMT Chief Executive, said, “With ongoing growth in demand for British commercial vehicles, particularly from overseas markets, the sector is bucking challenging economic trends. This is good news and puts the UK’s CV producers in a strong position to deliver green growth for the economy and society. We can’t be complacent, however, and must ensure the UK remains a globally competitive location for advanced manufacturing – with measures still needed to tackle our high cost of energy and to guarantee that the UK has smooth and sustainable trading relationships around the world, especially with the EU.”
Read more:
Commercial vehicle output records best May since 2008