Research released today reveals more than half of UK consumers prioritise buying British, with heritage retailers predicted most likely to be in business in 10 years‘ time – in contrast to newly-established brands.
In fact, according to the Brand Confidence Report, the top five retailers that consumers believe will most likely still be in business in 10 years can all trace their history back to more than 100 years.
These include John Lewis in first place, followed by Marks & Spencer, Boots, Harrods then Next.
The report also reveals that 69 per cent of under 30s say they are loyal to a fashion brand but this drops to just 27 per cent for those over the age of 60.
Meanwhile, alongside the products and price point, key factors in generating consumer loyalty include the brand‘s trustworthiness (38 per cent) and the reputation as an employer (11 per cent).
The findings also show that following the vote for Brexit, “Brand Britain” is set to become a powerful tool in driving consumer interest – but retailers need to make it clear that they are made in the UK in order to gain loyalty.
Nick Fletcher, head of multichannel at Rakuten Marketing, which conducted the report, said: “The brands that people expect to be in business in 2026 are the heritage players on our high street at the moment.
“Although there is a new era of companies driving their businesses through apps, for example, it‘s still legacy brands that win out in the minds of consumers as having staying power.
“Brits cannot imagine the retail environment without these brands.”