Shoppers ‘more cautious amid cost of living crunch’
With less money to spend, Britons are becoming more methodical, it’s claimed
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Your support makes all the difference.Impulsive spending has gone out the window with ‘savvy shoppers’ now taking 30 per cent longer to make a purchase than they did 12 months ago, according to a poll.
A survey of 2,000 adults found 63 per cent claimed to be more conscious about what they spent their money on compared to this time last year.
The biggest factor informing their decision-making process was quality or reliability (61 per cent).
This was ahead of cost (58 per cent), suggesting consumers were thinking about saving money in the long term rather than making an initial saving.
Despite this, the survey by Trustpilot found 46 per cent felt they had no choice but to go for lower cost items as they were unable to pay more.
Carolyn Jameson, a spokesperson for the review website, said: “Rather than panic in the wake of the cost-of-living crisis, the study suggests consumers are taking a calm and methodical approach to spending.
“There’s no suggestion shoppers are averse to spending money – but, as consumers find their purse strings increasingly stretched, they clearly want to be able to trust that what they buy is going to fit the bill and last.”
Not only are consumers taking longer to decide whether or not to purchase goods compared to a year ago, they are also consulting more reviews, it is claimed.
Over the past 12 months those polled have looked at 16 per cent more reviews than they had done previously – specifically when spending £50 or more on products.
Two-thirds (62 per cent) even went as far as to say they depended on reviews when making substantial spending decisions.
Despite the apparent change in approach to shopping by consumers in the wake of the cost of living crisis, the survey found retailers could do more to help them.
Almost three-quarters of those polled (74 per cent) said they had not experienced any businesses going above and beyond to provide discounts or free upgrades.
Worse still, 30 per cent claim companies have used the current economic crisis to treat them poorly – using unfair practices or taking advantage of the difficult circumstances.
These included lack of price transparency and shrinkflation – items shrinking in size, quantity or reducing quality, while their prices remain the same or increase – along with VAT cuts not being passed on to consumers.
It also emerged 69 per cent consider themselves to be ‘savvy shoppers’ – good at finding deals and reliable products. This was an area 30 per cent thought they had got better at in the past 12 months, with 65 per cent of those who felt this way claiming it was due to the cost of living crisis.
Pollsters found almost four in 10 people had cut back their spending on fashion, where just one in four (25 per cent) were spending less on electronics.
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