Despite economic downturn and ongoing reports of inflation, consumers are showing signs of resilience, continuing to spend on what matters to them.
A consumer survey of more than 2,000 U.S. consumers, researchers from Criteo, the global commerce media company, found that shoppers are still finding ways to buy what they love. Fifty-four percent of low- to mid-income consumers told the company they are spending the same or more on travel, dining out and luxury goods — while 70 percent or more of high-income consumers said the same.
Consumers shared that, despite this, they are looking to find the best deals and heading online, citing being able to find better prices compared to physical stores. For 73 percent of shoppers, this means spending more time online to search for the best offers or values before making a purchase with 62 percent saying they are finding products at better prices online. To that end, 64 percent of respondents said they shop more online with the company also revealed data that research of a 48 percent increase in online shoppers buying from five retailers compared to just one year ago.
Related Galleries
Still, consumers are not letting deals come at the expense of quality. Almost all respondents (90 percent) say product quality is the most important factor when shopping, followed closely by free shipping (89 percent) and discounts or coupons (85 percent).
When they are shopping, 72 percent of shoppers say they are spending the same or more on apparel and accessories and 79 percent say they are spending more on personal care and beauty products.
According to Criteo’s researchers, it’s a “forward-thinking mindset” that is accelerating at least some of the spend, where consumers are shopping creatively in order to maximize spending power. For 69 percent of respondents, this means buying essential items in bulk to get more value for money, while 60 percent say they are cancelling or postponing plans to buy items due to the rise of prices, 43 percent say they are buying gifts for future holidays because prices are going up and 35 percent are buying high value items sooner because prices are going up.
Ultimately, Criteo said the research shows that consumers want more from brands beyond discounts, with alignment for brand’s values and loyalty programs being strong motivators for shoppers to make purchases right now. When prompted, 58 percent of consumers said eco-friendliness would be an important factor as they shopped over the next six months, 70 percent said they would look for loyalty points as an important factor and 73 percent cited general brand values.