Saturday, June 15, 2024

Treat yourself no more

Australians are feeling cost of living pressures more than ever, with 49% buying little treats for themselves less often and 62% not buying anything in the past month to “escape” the everyday, according to new research.

Strategic insights business Pollinate has revealed that cost of living remains the top concern of surveyed Australians, at 94%.

As a result of economic pressures, almost half of Australians have cut their spending on little treats, from alcohol through to clothing, footwear and even takeaway coffee.

Not surprisingly, people are re-evaluating the value offered by everything they buy, with 87% saying most products and services are now so overpriced that they literally aren’t worth the price.

It also found:

  • 49% of people have bought a “dupe” in the past four weeks
  • 73% are buying more “own label” and less branded items
  • 71% think “dupe” brands are better value for money than “the real thing”
  • 67% believe that “own label” and “dupe” brands are just as good as branded alternatives.

The study found that women were most receptive to “dupes”, with 54% having bought a “dupe” in the past four weeks. Seventy per cent of women also believe that ‘dupes’ are the “Robin Hood” of brands: that they are taking away from corporations and giving back to the consumers.

Pollinate Chief Executive Officer Howard Parry-Husbands says there has been a seismic shift in the perceptions of value for many brands and products.

“Australians’ spending habits have shifted, with many adopting ‘designer dupe’ products as a way to deal with their mounting economic pressures. They no longer see value in paying for big-name brands when good alternatives are offered at a fraction of the price,” he said.

“The real issue for brands here is that it’s likely that once habits change to accepting dupes, consumers aren’t likely to go back to paying higher prices for the branded products they used to buy, and will instead expect similar quality at lower prices,” Mr Parry-Husbands said.

Pollinate’s research was conducted in April this year and covered 1,006 people aged 14 to 64 across Australia. The sample was representative of the general Australian population.

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