March 2009
PriceGrabber.com, a part of Experian, has released results from a study of shifts in consumer spending during this economic downturn. In its Consumer Behavior Report, 4,239 online consumers were surveyed between February 10 and March 9, 2009. The results reveal that online consumers have shifted from cutting back to price-conscious spending and alos are using the Internet to locate the best deals.
Consumers cut back to price-conscious spending
Fifty per cent of consumers indicated that they have made recent efforts to cut back because of the weakening U.S. economy. This represents a decrease from a similar survey conducted in October 2008, where 59 per cent of all consumers surveyed answered the same question affirmatively. While some consumers are less concerned about cutting back, the majority of consumers remain focused on spending smarter online.
Recession drives consumers online
Online consumers spent more time online and used the Internet to research their purchases. One in four online consumers revealed that the recession caused them to spend more time online. Ninety-four per cent of online consumers used the Internet to compare prices, 67 per cent searched for coupons, and 52 per cent visited social networks. Ninety-one per cent of survey respondents indicated that they felt more confident about their product purchases after researching online, while another 37 per cent purchased products over the Internet to help them suppress impulse buying.
Consumers take advantage of aggressive sales
Online consumers continue to purchase big-ticket items when the price is right. In the past few months, 53 per cent of online consumers surveyed said they have taken or planned to take advantage of aggressive sales on big-ticket items in one or more of the following categories: electronics (30 per cent), home improvement (20 per cent), kitchen items (12 per cent) and furniture (12 per cent). Survey data also revealed that younger generations were more likely to take advantage of these sales. Forty per cent of online consumers 18 to 34 years of age purchased or planned to purchase big-ticket electronics on sale, compared with only 26 per cent of consumers 55 years of age or older.
PriceGrabber.com will continue to track online shopping trends and shifts in consumer behavior over the next three quarters.
To view the full Consumer Behavior Report, which includes the full report on Economic Climate Driving Changes to Consumer Spending, go to http://mr.pricegrabber.com.
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