Daily Management Review

Marks & Spencer notes change in customers preferences during lockdown


The UK retailer Marks & Spencer told about changing consumer habits during a pandemic. Its clients now prefer sportswear to suits and ties, and bras have become the most popular category of goods.

In the context of the coronavirus pandemic, sportswear, sleepwear and bras became the most popular products among Marks & Spencer retailers, while suits and ties “are dusting,” Reuters writes. The British company itself reported about changes in the preferences of its customers.

Buyers now prefer “completely different” products compared to what they chose a year ago, Archie Norman, chairman of the Marks & Spencer nomination committee, told reporters. Sales of goods such as Marks & Spencer sweatpants, sweatshirts and leggings have jumped since the introduction of restrictive measures because of the coronavirus. The most popular category of goods was bras, said the company’s CEO Steve Rowe. At the same time, sales of suits and ties decreased to the volume that Rowe described as a drop in the bucket.

Marks & Spencer bedding sales were up 150%, while towel sales were up 185%. Online sales of children's clothing turned out to be higher than total sales in the network and stores before the crisis.

On Wednesday, the British retailer published annual reports. The company's profit before taxes on March 28 was £ 67.2 million, while by March 30 last year it was £ 84.2 million. Last year was a time of “substantial progress and change,” Rowe said, adding that the company immediately recognized a crisis that would affect the whole of the next year and more distant prospects.

source: reuters.com