UK adults are cutting back on spending sprees, with new data revealing that 65% have stopped shopping for non–essential items, while 15% have completely cut out a trip to the shops for luxury items.
The poll of 2,000 adults 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.
It reveals that over half (55%) of Brits surveyed are holding back on spending because of the guilt of purchasing non-essentials while others are struggling, while 60% think this change in their approach will last beyond the current economic crisis and will have a long–term impact on their shopping habits.
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.”
The data also found of the 31% who’ve been on a shopping spree, 89% thought the cost–of-living-crisis has made this activity less enjoyable, with the vast majority – 92% – saying they have changed how they go about this activity.
Changes to shopping habits include 33% of shoppers seeking out second-hand and refurbished goods, and 52% purchasing items that come with incentives such as loyalty points. 37% have admitted that they now take more time to plan their purchases rather than spend money with little thought.
The research, carried out through OnePoll, found 75% of adults are signed–up for loyalty point schemes.
The poll also revealed that 56% of shoppers get more satisfaction now than they used to before the cost–of–living–crisis and love to find bargains and products with extras such as loyalty points or cashback, with 64% saying they are now keener at sniffing out deals when shopping.
Andrea Burchett concluded “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.”