June 2012
Featured in this insight: Retail, Financial services, Consumer goods & FMCG
Survey on consumer attitudes to value gives retailers wakeup call: According to a new report from an independent agency specialising in shopper research, cheap goods are not the “be all” for UK consumers.
The Shoppercentric survey called “WindowOn the Value Equation” looked at what ‘value’ actually means to shoppers these days as well as the latest promotional trends.
Only one in four respondents define ‘value’ as being about lowest price, while ‘Buy One, Get One Free’ (BOGOF) deals remain the most popular promotion (76% of surveyants).
Other key findings in terms of what Britons constitutes as good value to UK shoppers were that ‘Getting the most for the money I planned to spend’ got the second highest score at 28%, while ‘Feeling that what I’m buying is worth the money I’m spending’ was ranked third most important.
In terms of how retailers compare, the survey showed that despite a problematic start to 2012, Tesco remains the retailer “most likely” to be associated with good overall value by UK shoppers at 42%. However while its highest score on individual factors was for ‘good promotions’, M&S scored higher for this area.
Managing Director at Shoppercentric, Danielle Pinnington, commented: “Retailers and their suppliers need to be more aware of the wider definition of ‘Value’ and cater for all shopper needs. Relying purely on price is not only a lazy strategy but, if used long term, a damaging one too.”
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