Insight Survey Finds UK Shoppers are Mad for Discounts

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8th August 2012 17:17 - Retail

A shopper insights study by global consumer engagement and incentives company Parago has revealed that the majority of UK consumers have grown more price sensitive in the last twelve months, prompting an eagerness to hunt down bargains and make careful price comparisons before completing a purchase.

Parago’s recent research was conducted in the form of an online survey of more than 500 British consumers. It found that as many as 77% of the surveyants claimed to have become more sensitive about pricing in the past 12 months.

In addition, cost was found to be the primary driver of purchasing decisions for 73% of shoppers, with 97% of consumers shopping for price over brand at least some of the time.

This is backed by the fact that 85% of the respondents claim their purchasing power has decreased or remained constant over the last year.

The survey further found that 92% of shoppers compare prices before they buy at least sometimes, and 94% of consumers would drive 5-10 minutes out of their way for a £5 discount on a £30 product.

Parago President and CEO, Juli Spottiswood, commented: "Price perception is paramount, and UK consumers are willing to work for the best bargain through whatever means necessary, including comparison shopping, seeking out cash-back offers or choosing price over brand. To respond to this demand, marketers must determine how to respond to the shopper's desire for low price, while also driving incremental value for the company with opportunistic promotions."

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