2023 saw Britain strapped for cash as the cost-of-living crisis tightened its hold.
Consumer shopping habits changed as Brits adapted and savvier shopping became essential on a day to day based.
According to new YouGov research, involving 2,143 people, from Chinese e-commerce giant Temu, 72% of consumers say that their spending on luxury or high priced items decreased across 2023, with the same number focusing their spending more on daily essentials.
84% also confirmed they actively sought deals and sales before making a purchase last year, as three quarters say their spending became more cautious.
In fact, finding good quality and good value items (66%) and low prices or retail sales (60%) became the factors most likely to influence people to buy, and 59% spent less on Christmas in 2023 than in previous years to save money.
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Brits were more influenced by bargains over style last year, as only 7% surveyed say they are influenced to buy something because it was considered ‘trendy’. 78% also went to the extent of stating that finding a good deal is more satisfying than buying a high-end luxury item.
These new spending habits led to revised bragging rights.
When asked to choose, those surveyed are most likely to brag about finding a cheaper but equally good alternative to an expensive product (28%) and finding a discount code or voucher for 50% or more off their purchase (23%).
62% are more likely to recommend affordable, good value products to friends and family compared to luxury or high end items.
The rise of the savvy shopper
As bills rose and disposable income shrank, 7%) of Brits were more willing to wait weeks for retail sales or promotions before buying than they were in 2022. 29% of Brits said it was ‘very important’ to their wellbeing in 2023 that they could find cheaper or low-priced items to buy.
With this in mind, it was items in homeware and household essentials (46%), fashion and accessories (32%) and personal tech and gadgets (31%) where most people actively tried to find cheaper retailers or low-cost alternatives before buying.
When looking for the best deals and prices, 47% believe they can buy non-food items for the best value and price at online e-commerce platforms. A quarter find the best prices at supermarkets, and only 8% say high street chain stores offer the best value for money.
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