The plot thickens: Revenue continues to decline as fierce competition from online retailers eats into demand
Book retailer revenue is set to drop by 4.2% over the five years through 2023-24, and growing 0.2% in 2023-24 to reach £963.8 million. COVID-19 lockdowns led to a resurgence in reading; according to Nielsen Books's article in May 2020, 41% of people read more books during the initial national lockdown. Social media platforms like TikTok have also boosted reading among younger folks, helping specific book genres grow. The physical closure of bookshops during lockdown periods restricted the ability of retailers to benefit from the growing demand for books. Since restrictions eased, independent bookshops have increased, by the end of 2022 there were 1072 stores in the UK. This exceptional performance goes against broader retail shop trends in 2022, which saw 11,636 independent shops close in the UK. Book retailers are developing strategies to stay competitive and support local shops and indie publishers are continuing to gain traction.
Industry participants are primarily engaged in the retail sale of new printed books of all genres. Industry operators purchase book titles from publishers or distributors to sell at the retail level. The industry does not include online book retailers that do not operate physical stores (see report G47.910) or second-hand bookshops (see report G47.790).
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- WH Smith plc
- Waterstones Booksellers Ltd
Methodology
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