British consumers are now price-led and value driven, shopping around to get the best deals, according to a report carried by the New Zealand Trade and Enterprise’s (NZTE) website.
Quoting a report from Verdict Research, the NZTE report said that younger shoppers (under 24 years old) in the UK have proven to be far more resilient although the impact of the recession has affected consumers’ ability to spend.
Retailers in the UK have been working hard on taking market share from rivals and working hard on retaining customers.
Although price remains the largest loyalty driver, consumers continue to value other aspects of the shopping experience, such as quality and service, while people’s increasingly busy lifestyles and the popularity of online shopping has led to a significant rise in the importance being placed on convenience, the report said.
The main conclusions from Verdict’s research on British shopping patterns included:
- Consumers are shopping less, but younger shoppers have shown resilience
- Competition for main user share is intensifying
- Consumers have become more frugal and price-aware, and continue to shop around more
- Converting visitors into main users is getting harder
- Shopper loyalty has reached a new high
- A superior shopping experience is now a pivotal loyalty driver
