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Shoppers to tighten their belts

Consumer spending survey finds consumers plan to spend less on big-ticket white goods and home electrical purchases in the next six months

GENERAL MERCHANDISE

Shoppers to tighten their belts

Consumer spending survey finds consumers plan to spend less on big-ticket white goods and home electrical purchases in the next six months

PriceGrabber.co.ukR, a part of Experian, has just released the results of its 2010 Consumer Spending Survey (Aug. 4, 2010 to Sept. 21, 2010; 1,035 respondents). The survey data reveals the recession has caused consumers to spend less overall, but spend more time shopping online. Additionally, in the next six months consumers are planning to reduce their big-ticket purchases for white goods, electronics and furnishings.

Consumers spend more time online performing shopping-related activities, as compared to before the recession (December 2007)

Fifty-three percent of consumers revealed they have been spending more time comparing prices online compared to before the recession (December 2007)  

Fifty percent of consumers have been spending more time shopping online compared to before the recession (December 2007)

Twenty-eight percent of consumers have been spending more time online searching for coupons, as compared to before the recession (December 2007)

Consumers are spending less versus two years ago

Fifty-one percent of consumers indicate they are spending less overall
        than at the start of the recession (December 2007)

Eight percent of consumers revealed they are spending more than at the start of the recession (December 2007)

Forty-one percent of consumers are spending the same amount overall when compared to the start of the recession (December 2007)


Consumers plan to reduce big-ticket spending for the home in the next six months

Fifty-two percent of consumers revealed they are not planning to  make big-ticket purchases (white goods, electronics and furnishings) in the next six months because they are focused on saving

Twenty percent of consumers plan to purchase a big-ticket electronic
item in the next six months, as compared with the 43 percent of
consumers who have already purchased a big-ticket electronic item in
2010

Fourteen percent of consumers plan to make a big-ticket home improvement purchase in the next six months, as compared to the 19 percent of consumers who have made a purchase in 2010

"The survey results reveal that the recession has caused consumers to shift their shopping patterns online," stated Justin Sedgmond, business director at PriceGrabber.co.uk.  "While consumers are planning to reduce their big ticket spending in the next six months for white goods, electronics and furnishings, we expect them to continue to spend time online searching for coupons and comparing prices for small ticket purchases."

The Retail Bulletin has organised their 2nd Multichannel Summit, to be held in London February 2nd 2011. The event is sponsored by k3 retail and will look at how retailers can maximize profits, market share and loyalty through cost effective, seamless, integrated multichannel strategies.
If you would like to attend as either a delegate or Networking Partner, go to www.retailbulletinconferences.com/multichannel2011

 

 

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