New West End Company is to extend a project with PwC to provide data insights that could help boost spending in London’s West End by a third to £12bn over the next few years.
In a pilot project that focused on Bond Street, PwC analysed a range of anonymised data sources to create a detailed picture of the behaviour of visitors to the area, including average spend, visitor origin and the average dwelling time.
It found that Christmas is the quietest time of year for international shoppers on the street.
The study also found that most spending came from domestic visitors, who are typically highly affluent individuals in their thirties.
The busiest days on Bond Street were Wednesday and Thursday, and Japanese visitors were in the top three international spenders.
The project will now roll out across the whole of the New West End Company business improvement district, which includes more than 600 retailers, hotels and restaurants on 74 streets, including Oxford Street and Regent Street.
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Retailers will receive monthly reporting and data visualisation dashboards of the findings. It is hoped the scheme will provide more detailed insights than footfall, to include anonymised customer profiles of key characteristics and shopping habits, to help brands better strategise their product offering and in-store experience.
Megan Higgins, director of customer and retail analytics at PwC, said: “Those who want to succeed on the high street are looking to tap into data to help plan business decisions and drive a greater in-store experience. The data we’re analysing is completely anonymised, but customers will ultimately benefit as retailers look to meet shopper expectations with a personalised experienced and targeted supply.”