Britons were laser-focused on deals and discounts last year and the attitude is likely to continue into the current year, says a report from e-commerce platform Temu.
In a survey of more than 2,000 consumers in the UK, Temu discovered that 84 per cent of them actively looked for sales, discounts, and less expensive options before making a purchase last year.
They were most persuaded to spend in 2023 by low pricing or sales (60 per cent) and high quality and value products (66 per cent) and 59 per cent stated they cut back on their Christmas spending in order to save money.
About 72 per cent of customers reported cutting back on their purchases of upscale or luxuries goods, while the same proportion stated they increased their expenditure on necessities for everyday life. And 76 per cent stated they started to be more frugal with their spending.
Bargains had a greater influence on British consumers than fashion; only 7 per cent of respondents said they were persuaded to purchase something because it was deemed trendy. And 78 per cent of respondents claimed that getting a good deal was more fulfilling than purchasing an expensive luxury item.
Temu also discovered that when given the option, Britons “are most likely to brag about finding a cheaper but equally good alternative to an expensive product (28 per cent) and finding a discount code or voucher for 50 per cent or more off their purchase (23 per cent).” These findings suggest that the concept of “bragging rights” has changed. Approximately 62 per cent of respondents stated that they are more inclined to suggest reasonably priced, high-quality goods to friends and family than upscale or premium goods.
Compared to 2022, those customers are now more willing to wait weeks for retail deals or promotions before making a purchase (37 per cent). More than a quarter (29 per cent) of Britons stated that being able to find low-cost or inexpensive products to purchase in 2023 would be “very important” to their welfare. Furthermore, 32 per cent of them were preoccupied with locating the best deals on clothing and accessories.
It’s interesting to note that 47 per cent of respondents think they can find non-food items online at the best price and value, 25 per cent think supermarkets have the best deals, and only 8 per cent think high street brand stores provide the most value for money.
