Price is the number-one factor in consumers choosing which stores to shop in, what to buy and which improvements they would like to see, new research has shown.
IGD senior consumer analyst Michael Freedman warned delegates at the Re:fresh Conference last week that the “powerful psychological effect” brought on by the longest and most severe recession that the UK has seen since records began and the threat of a double-dip downturn has changed shopping habits in the long term.
He said: “Shoppers are even more focussed on price than they were at the height of the recession and they will expect retailers to keep delivering better value.
“Our research shows that when it comes to store and product choice and identifying areas for improvement, price is the number-one factor. However, shoppers are looking for both value and values and a balance between price and performance.”
IGD shopper research shows that one in five consumers have changed their shopping habits for good and just over a quarter (26 per cent) will cut back if the economic situation gets worse.
However, nearly half (48 per cent) of shoppers claim that they are shopping as normal and do not expect to change.
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