Loss Prevention Research Council Weekly Series - Episode 177 - Latest UK Retail Crime Data, Gen Z Trends, and Best Places to Retire
With Dr. Read Hayes, Tony D'Onofrio, and Tom Meehan
BRC UK Retail Crime Survey
https://brc.org.uk/media/jrggbwvq/brc-crime-survey-report-2024.pdf
Let me start with week with a new crime survey published this week from the British Retail Consortium.
The survey represents the single largest and most reliable barometer of the state of play of crime in United Kingdom retail and is based on a sample from retailers representing over 1.1 million employees and nearly £200 billion market turnover.
Once again, the crime survey shows a massive increase in violence and abuse, reaching the levels experienced during the pandemic at nearly half a million incidents a year. It also shows a massive increase in customer theft, doubling to just shy of £2 billion; a lack of confidence in the police response, with 60% rating it as poor or very poor; and a continuation of the rise in cyber crime.
The news is disturbing, especially when it comes to violence.
- The research found just over 1300 violent or abusive incidents per day, up from almost 870.
- 475,000 incidents took place in the study period, up from 316,000, now equivalent to over 100 per day.
Overall the cost of retail crime, including crime prevention measures was 3.4 billion British Sterling or nearly 4.2 billion dollars at current exchange rates. This amount is double what it was in last year’s UK survey.
Losses from customer theft reached 1.8 British Sterling or nearly 2.3 billion US dollars, which was the highest ever, up from 950 million sterling or nearly 1.2 billion dollars.
Incidents of customer theft rose to 16.7 million, up form 8 million or more than double again.
Crime prevention measures cost 1.2 billion sterling or over 1.5 billion dollars.
61% of retailers rate police response as poor to very poor, up from 44% last year.
Only 8% of reported incidents of violence and abuse were prosecuted.
Only 36% of incidents of violence and abuse were reported by retailers to the police.
57% of retailers report an increase in cyber attacks and breaches, with 33% reporting they stayed at same level.
Very disturbing data from the UK and confirms that USA is not along in dealing with rising retail crime trends.
Voice of Gen Z – Perspectives on US Education, Wellbeing and the Future
https://www.gallup.com/file/analytics/510701/gallup-walton-family-foundation-voices-of-gen-z-report.aspx
Switching topic let me go to some new research from Gallup on Gen Z perspectives on US Education, Wellbeing, and the Future.
Gen Z is defined as those born from 1997 to 2011. According to Insider Intelligence, this generation represents 27% of the US population.
Some of the key findings from the research:
- Less than half (47%) of Gen Z Americans are thriving in their lives — among the lowest across all generations in the U.S. today and a much lower rate than millennials at the same age.
- Seventy-six percent of Gen Z members agree they have a great future ahead of them, yet only 44% report feeling prepared for their future.
- Members of Gen Z who have an adult encouraging them to pursue their goals and dreams are more than twice as likely as those without to strongly agree they have a great future ahead (51% versus 23%) and will reach their goals (49% versus 23%).
- Despite significant learning loss coming out of the pandemic, three-quarters of Gen Z students rate their academic performance as “excellent” or “good” — though male, Black and Hispanic students rate their academic performance lower than others.
- Gen Z students with excellent mental health are more than twice as likely as those with fair or poor mental health to say they get excellent grades in school (53% versus 25%) and are 24 points less likely to have missed any school in the past month (41% versus 65%).
- Gen Z’s most frequently cited hope for the future is to “make enough money to live comfortably” (69%), while 64% say financial resources are a barrier to achieving their future goals and aspirations.
If you have Gen Z folks in your life, some good insights here to deliver improvements for the next generation.
Mercer CFA Institute Pension Index
https://www.cfainstitute.org/en/about/press-releases/2023/mercer-cfa-institute-global-pension-index-2023
Let me end this week by providing some insights on the best places to retire in the world, according to the Mercer CFA Institute Global Pension Index.
As pointed out in the research, The average age of populations around the world continues to rise in many markets. Inflation and rising interest rates have created a new market dynamic that poses significant challenges to pension plans. We also see continued fracturing as it relates to globalization. These are just a few of the increasingly complex challenges that pension funds face that impact retirees in significant ways.
Receiving an A for their programs the Netherlands, Iceland, Denmark, and Israel. Receiving a B+ are Australia, Finland, and Singapore. Receiving a B are Norway, Sweden, UK, Switzerland, Canada, Ireland, Chile, Uruguay, Belgium, New Zealand, Portugal, and Germany.
You might be wandering if you are listening in the United States, what grade does the USA get. The answer is a C+ and is ranked 22 in the 2023 Mercer CFA Institute Global Pension Index.
My birth country of Italy is even lower ranked number 31 and only getting a C grade. WOW.
Summarizing this week, crime in the UK is a major challenge, the Gen Z generation needs help, and lots of lessons from around the world on improving retirement which I am not planning to do anytime soon.
