New findings from ShopFully and Nielsen reveal changed consumer behaviour to cut costs at the checkout.
The commissioned study into Australian consumers’ path to purchase highlights shoppers are under financial pressure, with three in four respondents (72%) reporting their day-to-day life and shopping behaviours have been “badly” impacted by the rising cost of living and current economic conditions.
Almost four in five (77%) of those impacted are cutting-back on purchases that are non-essential to save money.
With the food and non-alcoholic beverages category seeing the largest uptick in prices, second only to housing costs, 71% of surveyed consumers now opt for the cheapest option while grocery shopping. This includes taking home generic branded or on-sale products, with a further 67% reporting they’ve stopped buying their favourite products altogether because of price hikes.
ShopFully’s Country Manager of Australia Brendan Straw says in response to the current economic landscape, Australian shoppers are increasingly apprehensive about where they put their money.
“Nationwide, shoppers are adopting money-saving techniques, and trading brand loyalty in exchange for the best value,” he says.
“Aussies have always loved a bargain, but now more than ever ensuring they’re cashing in on the best price is top of mind, especially when it comes to discretionary spending. In fact, 66% of consumers are putting off these types of purchases until the item they want is on sale, potentially waiting for major retail moments such as EOFY or Black Friday sales.”
Saving with catalogues
Australians are no longer “hitting stores on a whim”, according to Mr Straw.
He says they are becoming “more deliberate and strategic in their approach to saving, with the catalogue being top of the list as a hack to help the weekly budget”.
When deciding on purchases, three in four surveyed consumers (75%) are always or sometimes using catalogues and of those, 64% are doing so to find the best promotions and deals.
Amid the “resurgence” of the brick-and-mortar store, one in two surveyed consumers are using catalogues as a top source of information when planning in-store shopping visits, with 66% of catalogue readers browsing digital catalogues at least once a week.
“As shoppers continue to feel the cost-of-living pinch, the ‘budget-conscious shopper’ has become the everyday Australian,” says Mr Straw.
“Consumers who approach spending with a tactical plan having done their research to compare prices can significantly reduce their weekly grocery shop, saving upwards of $50-$100 a week.”