It looks like the number of people who are happy to lose a bit of quality to go cheaper has gone back to how it was in 2008 – does that mean consumers are reverting back to the old ways of shopping? We’ve heard a lot about the “new normal” but this suggests it’s more of the same?
2008 marked the beginning of the economic recession in the UK, and so consumers probably had not yet experienced the full effect of the downturn. Now that the economy is beginning to improve, there have been some noticeable changes in attitudes of consumers who now have more disposable income (than in 2010 and 2012) to spend on quality items, and these changes in attitude are likely to become permanent. The GLM research has actually highlighted a number of new shopping trends which have not been apparent in earlier studies. For example, although online shopping continues to be a popular habit for British consumers (with almost half of people shopping online at least once every two months) the 2014 report shows that a quarter (25%) of those surveyed start their online shopping by using an app (either retailer, brand or e-commerce specific apps) - interestingly, this is a higher figure than those using fashion trend websites (9%) to shop online.
- Got a question for our experts? Email email@example.com