Pop-Up Events contribute £2.3 billion to the UK economy

Why Are Pop-Up Events So Popular in Britain?

 

Pop-up shops and stalls are being utilised in a variety of shapes, sizes and locations throughout the UK. They can be found in a traditional shop, shops within shops, as standalone kiosks and even as motorised vehicles – following the example from the food truck craze.

Sales and event marketing firm NBE Marketing attribute their popularity to a rise in the number of visitors to pop-up shops, and an increased average spend by customers. According to the British mobile operator EE, pop-up retail now contributes a massive £2.3 billion to the UK economy (The Event Structure, 2016). The British telecoms subsidiary also reported that pop-up retail is increasing at a much faster rate than initially forecasted, and the sector is now growing at a rate of 12.3%, compared to 8.4% back in 2014. The research carried out by EE found that 44% of respondents had visited a pop-up within the past year, and were spending £8 more a month than they were back in 2014 (The Event Structure, 2016).

One of the fundamental reasons why pop-up stores are becoming increasingly favourable is the flexibility they provide to their employers. The flexible nature of the stores means that they can often be executed anywhere where their target market exists, giving customers the opportunity to shop when and where they want, which  is fantastic for increasing competitiveness and generating higher profits. The stores also have that ‘fear of missing out’ quality to them, which is suggested attracts customers through perceived exclusivity.

The experimental possibilities of employing pop-up solutions are lucrative, with financial commitments significantly lesser than that of traditional stores. It is argued that the risks involved are minimal, making them perfect for testing. Over the last couple of years many online retailers have tested the water by offering a pop-up experience to customers, as it gives them a chance to see if there is a strong enough market for them to invest further in a concrete location.

In order to engage a target audience, there needs to be a good understanding of them. The firm argues that it’s imperative to build and shape pop-up campaigns around the audience, rather than around the brand. It’s important to understand who the target audience is, what they value, where they are located and the type of experience they’re likely to engage with. At the end of the day, the firm believes that the key to success is all about meeting customers’ needs, and that’s exactly what can be achieved through pop-up retail.

Source: http://www.theeventsstructure.com/news/rise-pop-retail
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