The financial crisis has had an impact on almost everyone. Now that disposable incomes are lower, more people are putting thought into their purchases. Has the downturn turned you into a more sensible shopper?
With less money around, most people are cutting back their spending. Earlier in the year we found that the average household is spending £3,150 less per year than they were before the recession.
However, our latest research shows that people aren’t just spending less than they used to, they’re shopping in different ways. It seems the financial crisis has turned us into a nation of savvy shoppers.
Saving by shopping around
Our new shopping habits research comes in the run up to our Which? Awards 2013. The awards celebrate those businesses who continue to put the customer first and provide excellent products and services.
We found three quarters of people are now shopping around for the best deal more often than before the downturn and most people say they make fewer impulse buys. Six out of 10 people say that they shop less than they did before.
When it comes to big purchases, over half of us are now more likely to seek advice. This advice mainly comes from online reviews created by other shoppers and comparison websites. But most of us rely on advice from family and friends too.
Four in 10 people say they are checking out independent advice from organisations like Which? more than they used to when they make a significant purchase.
Shop slowly to save more
It’s interesting what a large effect the downturn is having on the way we shop. Only a third of people say they haven’t changed their habits at all.
I know I like to spend a while when shopping to make sure that I’m getting the best deal, but I didn’t realise that slow shopping is the new normal! In fact, when I think about it, I don’t just do this in the supermarket. Whenever I buy something online, not only do I compare prices across a number of websites, I’ll also cast my eye over reviews to check I’m not missing something important.
I think I’m growing to like shopping in this way too. Where once I saw it as a hassle, I now find it satisfying to shop around like this. There’s nothing worse than the feeling that you could have got a better deal, especially when money’s tighter than before.
Do you think you the economic downturn has made you shop in a more savvy way than you used to? What do you do to make your money go further?