The recession has hit retail hard but the high-profile casualties on the high street are in many ways just the tip of the iceberg the real impact of our turbulent economic times - long-term changes to consumer behaviour - still lies hidden beneath the waterline.

Earlier this year, OMD UK launched a year-long project to investigate what kind of country Britain is becoming in the wake of the recession. Our Future of Britain study has already revealed two significant trends.

Discussions with households across the country and analysis of a national online poll carried out for OMD UK by MMR Research World highlight a shift towards more thoughtful, rational, even skilled shopping.

Britons have become mindful rather than mindless consumers. There has been a huge swing towards buying own label and bargain hunting: 62% say they have “started” buying own label, 78% shop around and 53% say they only buy necessities.

They’re also ringfencing spending on products important to the quality of their lifestyles and developing a propensity to save money.

The second big theme is that British consumers are extremely concerned about the state of our high streets. The issue has almost become totemic: 76% say they worry about their fate.

They are concerned about the perceived quality of retail brands in their local areas. Pubs, independent butchers and bakeries are among those most valued by consumers. And Brits believe large brands are responsible for squeezing out independents. They do not agree that large retailers are necessarily reliable, offer better value or make a contribution where they operate.

Does this matter, when consumers continue to shop online and take advantage of what larger brands have to offer? It does in a competitive sense. Brands that make local contributions or localise their proposition stand to gain.

Retailers can’t simply continue with old ways of doing business. In a period of change, a host of new opportunities are emerging. Innovation is key, as is a commitment to consumer-centric insight and understanding.

Chris Worrell is director of insight at OMD UK