UK retail returns hit record levels in 2022 as the cost-of-living crisis impacted consumer behaviour.
Despite online retail purchases falling by 11.5%, returns were 26% higher than 2021, according to new data from returns specialists, ReBound.
The spike was due to consumers increasing propensity to return products, with a 10% increase in return rate as consumers tightened their belts in the face of soaring bills and economic uncertainty.
ReBound, a Reconomy Group company that helps retailers manage returns, analysed transactions dating back to 2021 finding that consumers’ impulse purchasing on Black Friday caused the largest spike in returns on 28th November. 308% more products were returned compared to the average day in 2022, emphasising the post-purchase regret after making quick decisions.
Surprisingly, the busiest month for returns was December. Since ReBound’s inception, January has consistently been the most hectic month as unwanted gifts were returned in the new year. However, December 2022 marked the busiest month ever for returns, with this partially driven by logistical issues. Strikes inevitably delayed some presents to the point that they arrived too late for Christmas, and consumers acted quickly to send back those they didn’t need.
