Mintel: Thrifty shopping ‘an asset’ for UK consumers…
New research conducted by the market research provider, Mintel, a frugal shopping mentality is now considered to be an ‘asset’ to UK consumers, with Yorkshire and Humberside residents voted as the country’s biggest ‘bargain hunters’.
The ‘British Lifestyles: Growing Tired of Austerity UK 2016 report’ found that 78 per cent of consumers residing in this region brand ‘bargain hunting’ as a thrill, with 54 per cent stating that they budget every month for treats such as dinners and cinema trips; compared to the national average of 48 per cent. Furthermore, 74 per cent admitted to shopping around for the lowest prices and 51 per cent claim that they do not like to pay full price for items.
Senior consumer and lifestyles analyst at Mintel, Ina Mitskavets, says that even though ‘savvy shopping’ has increased in popularity, retailers still need to enforce a tighter strategy on the promotion and amount of discounts to avoid a damaged reputation: “The savvy shopping mentality is still firmly entrenched in the UK today. If anything, it has been reinforced by the widespread discounting and price wars across a variety of sectors in the post-recession years. Scoring discounts has evolved from a chore into a form of entertainment, or even a full-fledged hobby. However, while it is clear that consumers now expect to see reduced prices and special offers in shops, widespread promotions can be damaging to business reputations and bottom lines. The focus for many companies going forward should be on weaning customers off discounts through better service and quality improvements.”
Clothing purchases demonstrated to be the biggest splurge made by the UK public, followed by meals out (28 per cent), holidays (27 per cent), a night out (22 per cent), technology items and gadgets (20 per cent), alcohol (20 per cent), and beauty or personal care products (17 per cent).
Read more of the report’s findings here