According to a recent study commissioned by a leading retail e-commerce company, Britons were heavily focused on seeking out deals and discounts in 2023, and this trend is predicted to continue into the current year. The study, which surveyed over 2,000 UK adults, found that an overwhelming 84% of respondents actively searched for discounts, deals, and cheaper alternatives before making a purchase last year.
The factors that most influenced their spending habits were the desire for good quality and good value products, with 66% of respondents stating this as a key factor. This was closely followed by the influence of low prices or sales, which affected the purchasing decisions of 60% of respondents. In an effort to save money, 59% of respondents reported spending less on Christmas compared to previous years.
Interestingly, 72% of consumers reduced their spending on luxury or high-priced items, instead opting to focus their expenditure on daily essentials. Additionally, 76% of respondents admitted to becoming more cautious in their spending habits. Last year, the majority of Britons prioritized finding bargains over following trends, with only 7% stating that they were influenced to make a purchase because it was considered on-trend. Furthermore, 78% of respondents expressed that they found greater satisfaction in finding a good deal than in purchasing a high-end luxury item.
The study also delved into changes in what Britons perceived as “brag-worthy” purchases. It was found that the most common reason for individuals to boast was finding an equally good but cheaper alternative to an expensive product, which was selected by 28% of respondents. Additionally, 23% of respondents felt a sense of pride when they managed to find a discount code or voucher for 50% or more off their purchase. Notably, 62% of respondents stated that they were more likely to recommend affordable, good-value products to friends and family as opposed to luxury or high-end items.
Furthermore, the study revealed that more consumers were willing to wait for retail sales or promotions before making a purchase compared to the previous year. In 2023, 37% of respondents reported being willing to wait weeks for a sale, indicating an increase from the previous year. Additionally, 29% of Britons emphasized the importance of finding cheaper or low-priced items for their overall wellbeing in 2023. When it came to fashion and accessories, 32% of respondents were particularly focused on finding the cheapest prices.
It is worth noting that the study also examined where Britons believed they could find the best value and price for non-food items. The results showed that 47% of respondents believed online e-commerce platforms provided the best value, while 25% found the best prices at supermarkets. In contrast, only 8% of respondents thought that high street chain stores offered the best value for money.
Overall, these findings highlight the consumer mindset in the UK, with a strong emphasis on seeking out deals and discounts, prioritizing good value and low prices, and a shift in preferences from luxury to affordable, good-value products. For retailers, it is crucial to adjust their strategies and offerings to cater to the demands of deal-seeking consumers.
Helpful links:
– Money Advice Service
– Trusted Reviews: How to Find the Best Deals
