Financial downturn creates nation of savvy shoppers
New research from the Which? consumer group has revealed that the financial downturn has led to consumers being less inclined to make impulse buys and more likely to seek advice before purchasing.
The study found that six out of 10 of the consumers surveyed said that their shopping habits had changed since before the economic downturn, with seven in 10 making fewer impulse buys now than previously.
The research also reveals that two thirds of the population are reading more reviews for products and services ahead of making a purchase, compared to before the financial crisis. Four in 10 respondents said they are checking out independent advice from organisations like Which? more than they used to when making a significant purchase.
A recent Which? analysis of official data showed that on average each UK household has spent £3,150 less a year since the beginning of the downturn.
Never Miss a Retail Update!Which? executive director Richard Lloyd, said: “The economic downturn has created a nation of savvy shoppers.
“With household budgets squeezed we’re seeing fewer impulse buys and people taking more time to make the right choice with significant purchases. Despite this tough financial climate, many businesses are rising to the challenge, providing good customer service and value for money.”
