Shoppers beginning to feel more relaxed about spending according to 'Shopping in the Recession' report update
Shopper confidence is beginning to return with consumers starting to feel able to spend a little more freely than before, according to the latest update in the Shoppercentric 'Shopping in the Recession' report.
Launched in January 2009 at the start of the recession, the report aims to show how shopper attitudes are changing. At the start of 2013 shopper confidence was found to be low, but now the proportion claiming to be unaffected by the economic downturn is at its highest level.
Of those surveyed respondents claiming to be not impacted at all financially was up eight per cent from January to 18 per cent in July, Planners (shoppers who don’t need to make changes but do so in case of future problems) had declined from 14 per cent in January to six per cent in July, shoppers making minor changes, known as Soft Reactors, dropped from 47 per cent to 45 per cent and Strong Reactors, those making major changes, fell from 35 per cent in January to 31 per cent in July.
Despite the pressure easing off a little for shoppers, the findings reveal that they remain to be thoughtful and savvy in their approach to buying. 28 per cent of shoppers are still seeking out the best deals, up 14 per cent on January 2009, almost a quarter (23 per cent) are more aware of pricing an increase of 12 per cent. A third (33 per cent) of shoppers stayed away from expensive/up market shops altogether, up 12 per cent on 2009.
Over a quarter (28 per cent) work to make their purchases go further, a rise of 11 per cent on 2009 figures and 24 per cent of shoppers now plan a budget, compared with 14 per cent of shoppers six four years ago.
“Our research demonstrates that the shopping behaviours and money saving tactics learnt over the last few years are not going to be forgotten overnight, even if shoppers are showing signs of greater confidence,” said Danielle Pinnington, managing director at Shoppercentric.
Pinnington adds that it is “unlikely that free spending will quickly return to pre-credit crunch levels – if at all,” and that “Successful marketing strategies will focus on understanding what shoppers want and that means looking beyond pure price-point discounting. Retailers need to proactively sell - helping and inspiring shoppers to spend whilst providing good value.”