Mintel’s research finds nearly half (44%) of all Brits are budgeting more than they were this time last year. As many as nearly nine in 10 (89%) Brits shop on a budget, and a further 9% don’t budget but are keeping a track of what they spend. Proving the impact of post recession Britain, just 2% of Brits admit to not having a budget or tracking their spend.
Families are the group most likely to budget, with nearly half (48%) of parents reporting they had a stricter budget over the past year. Meanwhile, it seems Britain’s women are the savviest shoppers – nearly one in two (49%) reporting an increase in budgeting over the past year compared to less than four in ten (39%) men.
Mintel’s research also shows how consumers on high incomes (those earning £50,000 and above) are likely to jump on the ‘budget bandwagon’ – with some 90% of high earners claiming that they budget.
Budget ranges have been the success story of the recession, some 30% of consumers buy budget ranges compared to just one in five (20%) back in 2008. In addition, only 14% of consumers claim that they would hide the fact that they buy value products, indicating a shift in perception, whilst over half (53%) agree low price is more important than brand name and nearly seven in 10 (68%) are proud to tell their friends about any good bargains they find.
Some seven in ten (70%) adults have used discounts, such as buy-one-get-one-free or 2-for-1 in the last six months. Meanwhile, rewards or loyalty schemes are favoured by two thirds (66%) of shoppers while percentage off total purchase discounts by one in two (52%) consumers.
Coupons from the Internet (32%) and magazines (29%) are the next most popular ways for consumers to save money whilst shopping. Just under half (44%) of all discount users used them to buy clothing and accessories and 38% used special offers to eat out or to buy groceries in the past six months.
Source: Mintel
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