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Value doesn't always mean low or lowest price, reveals research
Despite being back in recession, British shoppers aren't just shopping around based on price, according to new research by Shoppercentric, they are increasingly looking for value.
The new "Window on the Value Equation" report from Shoppercentric surveyed over 1,000 consumers who are responsible for their household's shopping. The aim was to find out what constituted "value".
The findings reveal that just 25% percieve value to mean low or lowest prices. Instead the key findings were:
- "Getting the most for the money I planned to spend" is the most popular definition among shoppers (28%);
- 21% of shoppers say "Getting the right quality for the money I planned to spend" is most important;
- "Feeling that what I'm buying is worth the money I'm spending" defined value for 20%.
Since 2009, the number of people using coupons has risen from 47% to 53%, found Shoppercentric, and loyalty card adoption rose from 45% to 48%.
"Buy one get one" free deals remain the most attractive promotion type, cited by 76% of respondents, although this figure is down from 79% in 2009. Money-off offers for single purchases was popular with 66%, and "three for two" deals reached 50%, both down on 2009.
"Our research should be a much needed reminder to the retail industry, and brand manufacturers, that promotions aren't the answer to the economic downturn. A sales spike is not a real change in behavior. And a BOGOF is not always value for money," said Danielle Pinnington, managing director at Shoppercentric.
"When shoppers are feeling the pinch it is important that retailers really understand their needs and align their offers to the new shopper requirements. Retailers that take a stand on a specific issue, such as quality or price, better differentiate themselves in shoppers' minds - this is vital since shoppers have access to so many different retailers nowadays."
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