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British Chamber of Commerce (BCC): Quarterly Economic Forecast Q4 2022

December 2022

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This is a regular feature in our Marketing Research & Insights (MR&I) as it contains vital data and trends that
all firms need to have at their fingertips.

Think about producing an update for your clients based on this data e.g., if you have clients in a particular sector, share the link to the relevant bit of the data, give them an opinion/view on steps they can take to secure/grow their business etc.

The headlines for Q4 2022 are:
- The BCC’s Q4 2022 Quarterly Economic Forecast now expects a recession for 2023 as it downgrades
its expectations for UK GDP growth for 2023 to -1.3% (from 0.2% in Q3).
BCC expects five quarters of negative growth between Q3 2022 and Q3 2023, inclusive.
- UK inflation is expected to reach 11.0% in Q4 2022, and 5% by Q4 2023.
- Investment, household consumption, imports and exports are all expected to decline in 2023.

March 2023: BCC Economic Forecast: Economy to shrink in 2023 before rebounding

March 2023

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The BCC expects:
- UK economy to avoid a technical recession;
- But shrink by 0.3% in 2023;
- Before returning to growth in 2024;
- Inflation will slow to 5% by Q4 2023

Office for National Statistics (ONS): Consumer Price Inflation February 2023

February 2023

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This helpfully gives us the consumer inflation numbers plus insights and interpretation.
Highlights from this report are:

- The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 9.2% in the 12
months to February 2023, up from 8.8% in January.
- The largest upward contributions to the annual CPIH inflation rate in February 2023 came from housing
and household services (principally from electricity, gas, and other fuels), and food and non-alcoholic
- On a monthly basis, CPIH rose by 1.0% in February 2023, compared with a rise of 0.7% in February 2022.
- The Consumer Prices Index (CPI) rose by 10.4% in the 12 months to February 2023, up from 10.1% in
- On a monthly basis, CPI rose by 1.1% in February 2023, compared with a rise of 0.8% in February 2022.
- The largest upward contributions to the monthly change in both the CPIH and CPI rates came from
restaurants and cafes, food, and clothing, partially offset by downward contributions from
recreational and cultural goods and services (particularly recording media), and motor fuels.
- he estimates for February 2023 have been constructed using updated expenditure weights; this is
the second and final weights update for 2023.
- This release is the first publication to include expanded data on rail fares as part of our project to transform consumer price statistics.

Being a CEO in 2023: How to navigate uncertainty.

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I am a BIG fan of Sarah Walker-Smith, CEO of Shakespeare Martineau and AMPA. She’s a great business leader. Modern, not afraid to share her views and not afraid to be different. I was fortunate enough to have her as a guest on my podcast last year. In 30 short minutes she packed in a wealth of ideas, perspectives and views.

This article is no different. Take a couple of minutes to learn from someone I suspect will be around for a while and will be part of re-defining not just the legal landscape but also the wider business world.

Please do share this article with your firms’ leaders. Some of what Sarah talks about includes:

- Many of the challenges we face in 2023 are the same as last year.
- For many, balance sheet resilience is lower than before the pandemic. The importance of authenticity.
- How leaders need to demonstrate real humanity by ensuring that everyone has the support and
flexibility they need.
- The greatest lesson learned in 2022 was the need to be agile.

Mintel Global Consumer Trends 2023

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Mintel are a well-recognised and respected research outfit. In this report they share research about
what customers want and why – now, next and in the future.

There are 5 core global trends:
1. Me Mentality: Consumers will be eager to re-focus on themselves and brands can help them take centre
2. Power to the People: Brands have to make room for a new ‘c’ in their csuite as, consumers are investing,
co-creating and voting for change alongside brands.
3. Hyper Fatigue: Consumers will try to cut through the noise and connect with what matters to them.
4. International Localism: Buying local will be a way consumers can protect themselves financially,
environmentally and psychologically, and feel that they are giving back.
5. Intentional Spending: Factors like flexibility, durability and sustainability will play increasingly important roles in consumers’ value equation.

The report offers an insight on changing consumer behaviour, market expertise, and strategic
recommendations to drive better business decisions faster - now and in the future.

The trends that will dominate 2023

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This is a piece of US research which details key digital behaviours and trends over time and across

It asks many questions and provides data insights on such things as:
- Has social media and the internet as a whole reached a tipping point?
- How consumers are finding products in 2023.
- Sustainability has a prioritisation problem.
- Where consumers will spend their treat budget.

It covers other areas... these are just some of the key areas that I think you will find useful.

Marketing Trends 2023: What Britons Want from Brands – TechRound

December 2022

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Interestingly there is divided sentiment amongst consumers & there are 3 key worries weighing on their minds.

The data reveals that a slim majority of British consumers (46%) are feeling positive; by contrast, 30% feel negative as they head into the New Year. When it comes to what’s stressing the nation out, their biggest worries for next year are unaffordable energy bills (59%), followed far behind by the war in Ukraine (7%) and increases in petrol prices (6%).

Key findings for the marketing industry include:
- Britons want brands to reassure & also expect marketing to get political.
- Rampant consumerism is going out of fashion, with discount shopping on the rise.
- TikTok is taking off for brands & email marketing remains strong.
- Virtual reality also sees growth, but streaming subscriptions suffer.

2023 UK consumer trends report | Attest

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A 100% piece of UK consumer research that involves 1,000+ people. The research highlights the top 18 trends across 4 broad headings:

1. Sentiment trends
2. Marketing trends
3. Shopping & spending trends; and
4. Lifestyle trends

Some of the highlights are:

Sentiment trends:
- Young people feel positive!
- Energy bills are a big issue.
- Brits want to be reassured.
- Brands must be "political".

Marketing Trends
- Under 40s love brand comms.
- Tik Tok taking off for brands.
- VR marketing is an opportunity.
- Gen Z populate metaverse.

Lifestyle trends
- Shopping frequency is up.
- Diets changing (for the worse).
- WFH is here to stay.
- Second hand losing its stigma.

Moneypenny Customer Communications Global Trend Report 2022

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A great piece of research from one of the LFMC partners – Moneypenny.

This one looks at global customer communications trends and includes such things as:

- Channels your customers are most likely to be using
- Latest statistics on telephone calls, volumes, durations and triggers
- Emotional factors at play when a consumer chooses to call
- What callers hate hearing - from annoying hold music to being asked to visit the website
- The true impact of a good vs. bad experience when contacting a business
- Digital channel crossover - how consumers really feel about live chat, chatbots, voice recognition
and online forms

White paper: How technology can answer the challenges law firms face in 2023 - Advanced

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A nice thought leadership piece that covers many key areas including:
- A perspective on the state of the legal sector
- The challenge from the Big 4
- Organic growth through innovation
- Evolving client service models
- ESG: Doing the right thing
- The rising dependence on automation
- Talent wars
- Security and compliance

2023: What Lies Ahead? Facing the Challenges Together – Melissa Davies

October 2022

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This report has been compiled by Melissa Davises of MD Communications and is the output from Melissa
conducting research amongst the great and the good from across the global legal sector.

The question asked was “What are the biggest threats to the sector and what lies ahead in 2023 and beyond?”

The paper covers their responses and includes:

- Professional Threats
- Recruitment & retention
- Purpose & Values
- Mental Health & Welllbeing
- External Events

How are lawyers perceived in the UK?

February 2023

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This is one of ‘our own’. In collaboration with Conscious Solutions, we asked 501 people this question in January 2023.
According to a survey of 1,020 US adults in December 2022*, lawyers only had a 21% positive honesty and ethical standards ‘rating’ and a whopping 41% ‘negative’ rating.
This put lawyers behind nurses, doctors, teachers, accountants, real estate agents and even journalists as far as this US audience was concerned.
Really ... are lawyers perceived that badly?

David Gilroy and Clare Fanner concluded that the only way to know for sure what a UK audience thinks is to ask them. So we did and here are the results.

Well the good news is here in the UK lawyers are held in slightly higher regard than they are in the US ... with a 45% ‘positive’ rating and ‘just’ a 17% ‘negative’ rating. And lawyers are 6th out of the 18 professionals listed. So top third (just).

Lawyers also come out ahead of accountants, police officers and, unlike in the US survey, estate agents!
So good news. Or is it?

A 45% ‘positive’ rating still doesn’t sound that great to me. I mean a regulated, trusted professional really should be considered squeaky clean when it comes to honesty and ethical standards.

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