More than a quarter (27%) of consumers are planning to make a ‘big ticket’ purchase in the next twelve months, according to new research conducted by Millward Brown for Retail Ireland, the Ibec group that represents the retail sector.
The survey of 1,000 shoppers also showed that 40% of consumers have delayed buying big ticket items like cars and furniture over the last two years due to the impact of the recession.
The survey found that grocery shoppers remain very price conscious, with savvy shoppers buying more goods on special offers and own brand products. Over half of consumers say they feel more positive about their financial status than 12 months ago, however, two thirds say that they now ‘actively seek out cheaper ways of living’.
Retail Ireland Director Stephen Lynam said that the research shows that shoppers are optimistic, but remain cautious. He said, “While the economy may be improving, shopping habits that altered following the economic crash show no sign of changing back. Positive economic trends mean the government finally has a chance to ease the pressure on consumers in the upcoming budget. Following years of painful tax hikes, income tax along with other consumer taxes should be reduced."
The survey also found that 52% of grocery shoppers expect to shop around more for their groceries in the next twelve months. While 78% say they buy more goods on special offer than before the recession, 66% of grocery shoppers say they buy more own brand or private label goods than they did before the economy faltered.
Additionally 47% of grocery shoppers use loyalty cards in their weekly grocery shop but only 3% use a grocery shopping app. Price is by far the biggest driver of behaviour when it comes to buying groceries, with 40% deeming it the most important factor, followed by ‘value for money’ at 23% and ‘good quality’ at 18%. Just 8% listed product provenance as an important factor. Interestingly, 19% of consumers say they will likely increase their amount of online shopping in the next year.
© 2014 - Checkout Magazine by Genna Patterson