The retail sector has seen a remarkable shift in the top markets for UK brand purchases, with unexpected countries driving global demand for British products. Recent research from ESW revealed that the US and China, traditionally dominant markets, were replaced by the UAE, Australia, South Africa, India, and Spain as the top five countries making purchases from the UK.
Interestingly, the US and China, which held higher ranks in the previous year, experienced declines in their share of purchases, signaling a shift in consumer preferences. Spain emerged as the only European market to maintain its position, highlighting the challenges faced by British brands amid subdued domestic growth and fierce competition in international markets.
Martim Oliveira Avillez, Chief Revenue Officer at ESW, underlined the importance of tapping into emerging markets like the Middle East, India, and Asia Pacific, where interest in UK brands has been consistently high. These markets have shown a preference for alternative payment methods and direct purchasing from social media platforms and virtual stores, indicating a need for brands to adapt to changing consumer behavior.
On the flip side, countries like Mexico, Brazil, Japan, and Argentina reported lower purchases from the UK in 2023. However, ESW identified significant growth opportunities in these markets for specific product categories such as clothing, luxury items, and cosmetics. Brands equipped with international DTC e-commerce solutions are encouraged to explore new markets to expand their customer base and drive revenue growth.
Overall, the evolving global landscape presents both challenges and opportunities for UK brands looking to capitalize on international demand. By focusing on high-growth markets and adapting to changing consumer preferences, brands can position themselves for success in an increasingly competitive retail environment.
For more information on international retail trends, check out this article: International Retail Trends
To learn about ESW’s latest research on global consumer behavior, visit: ESW Research on Global Consumer Behavior
