Parago: More consumers deal-seeking and price-checking
More people in Parago’s 2013 Shopper Behavior Study (.pdf) feel they are price sensitive this year than last – 75% vs. 70% – caused in part by more people feeling their purchasing power has declined.
So, it’s no surprise that a key take-out from Parago’s report is that “price is king”. More than half (56%) of consumers surveyed for the report said price is the primary influence on shopping decisions, way ahead of brand (17%), quality (17%) or loyalty programs (3%).
Deal-seeking behavior is up across the board and checking prices via mobile is up a whopping 400%. So too is the number of people who shop at stores where they can check prices (46% vs. 11%).
Also seeing an increase is deal-checking before embarking on a shopping trip. The number of people researching deals before leaving home has risen from 69% last year to 80% in 2013. The number who check online before a shopping trip has risen to over half (59%) from 38% last year.
“Consumers at all income levels are feeling the pinch of the lagging economy,” says the report. “Their long and worsening struggle has manifested itself in new deal-seeking shopping behaviors that are laser-focused on paying only what it’s worth and not a penny more. Across the board, shoppers now seek out the very best prices and are willing to go out of their way to save even a little bit.”