New research suggests that more than 120,000 customers – or ten per cent of all of those who are eligible – will have engaged in some way in the new business retail market during its first year.
The biggest survey of eligible customers conducted since the market opened in April 2017, suggests that 35,000 customers have switched, 25,000 looked at switching but decided to stay on their current deal, 10,000 renegotiated a new deal with their current provider, and 15,000 are actively considering switching now. A further 35,000 said they planned to engage in the market by April.
The survey also shows that awareness of the market has increased with 89 per cent of large businesses and 48 per cent of micro businesses being aware of the market*.
The survey also suggests that customer satisfaction with retailers remains high, with 77 per cent of customers saying they are satisfied with their retailer**.
The survey gives the first glimpse into the number of customers engaging in the market, as the data provided by MOSL, the market operator, currently records activity by supply points rather than customers.
Emma Kelso, Senior Director of Customers and Casework at Ofwat, said:
“At the end of the first year of the market, this survey gives us a flavour of the kind of engagement we are starting to see. Indicators that ten per cent of customers have got involved in the market one way or another over the first year is an encouraging start and gives a base for the market to build on.
“But we want to see the market continue to mature to give customers deals that best suit their needs.”
Notes to editor:
*Awareness in the market has increased from pre-market opening, when it was 32% at market opening, with 79% awareness in large businesses.
**Customer satisfaction has remained virtually unchanged from 76% pre-market opening.
The survey was conducted at the end of 2017.
Ofwat Press Office:
Fintan Hastings, Senior Associate – Media Relations
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