UK retailer Marks & Spencer has launched a new quarterly Family Matters Index in a bid to deliver products and services that are relevant to families.
The study, conducted by Yonder Consulting, is designed to determine 'what family means today, why family matters and what matters to families now.'
Victoria McKenzie-Gould, director of communications at Marks & Spencer, said, "Through the quarterly index we want to stay close to families across the UK so we can deliver our promise of trusted value on the things that matter to them most."
The first quarterly report found that a majority (55%) believe that family is defined more by who you feel close to than by biology.
Around eight out of ten (79%) people in the UK said that family is more important than ever.
The first benchmark study combines qualitative and quantitative research with over 10,000 respondents from across the UK.
Family Matters Index
The initial study will provide a baseline for future reports with the first index score.
The retailer hopes the inaugural study will capture a unique time in history, revealing how families feel emerging from the pandemic.
The report is calculated based on responses to a combination of detailed questions exploring their happiness, optimism, financial security, and the strength, health, and resilience of what they see as their family unit.
The score of 55 out of 100 for the first report demonstrates a nation that is cautiously optimistic about family prospects for the future as we emerge from the pandemic, the retailer noted.
Two-thirds of those surveyed pledged to engage in more activities together as a family post pandemic.
Environment emerged as a top concern, with six out of ten respondents saying they were worried about how environmental damage will affect future generations.
Marks & Spencer serves around 30 million customers and employs over 70,000 people across the UK.
The next Family Matters Index and report will be published in September 2021, the retailer added.
The company is also transforming its product and service offering to facilitate digitally-enabled shopping and payment experience for customers.