UK: Retailers need to target “Considered Consumer”
Full-price purchases are increasingly uncommon, a new report says
The “Considered Consumer” holds the balance of power in today’s UK retail sector, choosing when, where and how they shop – and how much they pay, says a new report.
The 2014 Retail Report from retail property specialist Hammerson and consultant Conlumino suggests consumers spend almost twice as long browsing today as they did in 2003 – 90 minutes on average, versus 50 minutes – and take 3.5 days over the entire purchasing process, compared to just half a day in 2003.
Full-price purchases are increasingly uncommon: 70% of consumers say they rarely purchase anything at full price, and 60% say they always wait for an item to be on offer.
Impulse shopping has declined, with 49% of non-food expenditure now planned, aided by the more significant role played by online, which allows for easier comparisons of range and price.
The study found that consumers now typically use 13 different retailers on a regular basis, up from only seven in 2003.
“Today’s Considered Consumer holds the balance of power compared to the consumer of ten years ago,” said Hammerson chief executive David Atkins.
“Shoppers nowadays can choose the channel they wish to shop with, when they shop, the price they wish to pay and they have a host of destination options.
“Retailers have to work harder than ever to attract this customer – they need to distinguish their brand and their value proposition and it’s essential to create compelling shopping environments both on and offline if they are to continue appealing to today’s consumer.”
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