30 January 2023 , 11:11
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More than one in seven Brits (15%) have completely cut out going on shopping sprees – as 55% feel guilty splashing the cash during the ongoing cost-of-living crisis.
Almost two-thirds of consumers (65%) have stopped treating themselves to non-essential items, with a whopping 92% having changed how they go about a shopping trip.
The poll of 2,000 adults revealed that, of the three in ten Brits (31%) who have ever been on a shopping spree, 89% find this activity has become less enjoyable due to the cost-of-living crisis.
And 60% reckon this change in approach isn’t fleeting, as the current economic crisis will have a long-term impact on their shopping habits.
The research was commissioned by Virgin Red, which has launched its “Points Index” report looking at consumer trends, and the role loyalty programmes play in daily life.
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More than a third now take more time to plan their purchases, rather than splashing the cash (SWNS)Andrea Burchett, from Virgin Red, said: “While retail therapy may be paused for many consumers, the likelihood is they’ll find new ways to fill that void.
“Be that scouring the web for bargains, high street shopping at opportune times, or looking out for items which come with added extras – shopping smartly seems to be the way forward for the time being.”
The study also found that tweaks that Brits have made to their shopping habits include seeking out second-hand and refurbished goods (33%), and purchasing items which come with incentives such as loyalty points (52%).
And 37% now take more time to plan their purchases, rather than spend money with little thought.
It also emerged more than half (56%) get more satisfaction now, than they used to before the cost-of-living-crisis, from finding bargains and products with extras such as loyalty points or cashback.
Almost two-thirds (64%) also claim to be savvier at spotting deals of this kind.
The study, conducted via OnePoll, also found 75% of adults are signed-up to loyalty point schemes.
And 36% of them have collected at a higher rate since the current economic situation took hold.
Andrea Burchett added: “Consumers are being more careful with their money, as expected – but the study also suggests they’re getting enjoyment from spending in new ways.
“If they shop smart and collect loyalty points as much as possible, they can treat themselves more readily and earn discounts on future purchases.”
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