Customers search for bargains
Published: 20 July, 2009
Even the wealthiest of customers are becoming bargain hunters as a result of the downturn, research commissioned by coupon services provider Valassis has found. The report showed that 31 per cent of consumers of all spending power are more closely scouring the shops for promotional offers than they were a year ago. Over a quarter cited a rise in the cost of living as the reason for them being more cost-conscious, while 29 per cent said it was because food is more expensive and 21 per cent stated it was because they have less money than a year ago.
The research also proves the appeal of promotional offers across the board, regardless of social status. Over a third of respondents from the AB social class bracket said that they now stock up on products when they are on promotion, while 29 per cent of AB consumers are now careful to remember their coupons when going to the supermarket compared with a year ago.
More generally, 30 per cent of respondents across all social classes said they now shop at multiple supermarkets to get the best deals with a further 23 per cent admitting they now chose to shop at discounters.
Commenting on the research findings, Charles D’Oyly, managing director of Valassis, said: “We are in the midst of the worse recession in over 50 years and people are increasingly worried about their job security, rising food costs and whether they will be able to pay their bills every month.” However, this needn’t be all bad news for retailers, said D’Oyly. “Recession shoppers are far more likely to stock up on products that are on promotion, they will buy more store branded goods and they will shop at multiple supermarkets in order to get the best price. All of this means that UK brands now have a fight on their hands to win new business and to retain their most loyal customers.”
