Research shows we expect our favourite shops to offer discounts all-year round
Bargain shopping is certainly no longer to be something to be a little embarrassed about, we're all on the hunt of how to make the most of our money and why shouldn't we?
A new study reveals that British consumers now feel firmly in control of the high street, with 81 per cent of shoppers stating that they now expect their favourite retailers to be on sale all year round, with many waiting for prices to be slashed before committing to a purchase.
The survey of 2,000 people by e-tailer BrandAlley.co.uk, was commissioned to track the ‘psychological shift’ in the nations shopping habits since the recession, and it showed that the majority of people – or the ‘Bargain Bourgeoisie’ – now demand to get the same high-quality products, but at a fraction of the RRP.
Working in tandem with Consumer Psychologist Professor Karen Pine at the University of Hertfordshire, the BrandAlley survey showed that savvy shopping seems to have taken the nation by storm, with 82 per cent of those surveyed highlighting that they have saved more than £1k by buying discounted items in 2013.
And it seems that retailers are now trying to lure the ‘bargain bourgeoisie shopper’ by adopting aggressive sales tactics all year round to win over the thrifty consumer, such as: having standalone discount stores, adopting competitive price comparison marketing initiatives or holding regular ‘mini sales’ throughout the year.
Professor Karen Pine explains the current trend: “Consumers increasingly expect goods to be available at discounted prices and this has had an impact on retailer behaviour. Sales are now less seasonal and can crop up at any time of year in a bid to appeal to the savvy shopper who is constantly on the lookout for a good deal.”
The survey also revealed that a staggering 88 per cent of us only consider a true bargain to start from at least 50 per cent off, with the historically popular reductions of 10 per cent and 15 per cent off no longer cutting it for the consumer.
Karen explains some of the psychological reasons as to why the consumer’s idea of ‘value’ has changed: “As retailers battle and compete for the shopper’s pound, consumers have begun to suffer from ‘sale overload’. There are discounts everywhere. Consequently people are looking for the very best bargains. Shoppers have become desensitised to just 10 per cent or 20 per cent off. That kind of reduction, since it is commonplace, is perceived as a sales tactic rather than a great discount. A sale ticket now has to hit closer to the 50 per cent mark before the buyer feels it’s a real snip.”
Melissa Littler, PR and Marketing Director at BrandAlley.co.uk who commissioned the survey to coincide with the launch of the company’s first advertising campaign that looks at the lengths people will go to buy designer items, says:
“We were intrigued to see if the recession had any permanent change to our shopping habits, and what’s interesting is that we are no longer ashamed of shopping discount and instead relish in it – the once extravagant middle classes are now embracing their ‘bargain bourgeoisie’ status!
“The recession made people stop and look at where their money was going. After years of easy credit, and some mindless spending, consumers started to watch the pennies and seek out the best prices. It shocked people into changing their spending habits for the better. Although savvy shopping may no longer be the harsh necessity it was during the recession, it left many people with a new set of buying habits that have become the smart choice.”