We all know that the current economic climate has changed the way people shop. A new study by BIGresearch highlights some of the specific changes in shopping behavior. The study found that consumers are acting more practical, with 90% of respondents saying that they plan to change their spending habits in the long term. Over 55% reported that they will consider each purchase more carefully and just over half of consumers plan to become more price conscious over the next five years.
It is also important to point out that these long-term adjustments are being made by consumers in various income brackets In fact, 83% of respondents earning $150,000 or more say that the current economic crisis will impact their lifestyles over the next five years.
The shift toward budget shopping is reflected by the popularity of discount retailers among the polled group. Discount retailer Walmart led nearly every category in the report, with significant shares in Women’s and Men’s Clothing, Footwear, Health and Beauty, Groceries, and Linens/Bedding/Draperies. The only two categories that Walmart did not lead were Consumer Electronics, which Best Buy won (Walmart was second) and Prescription Drugs, which was led by Walgreens (Walmart was third). Other top retailers in the study included Kohl’s, JC Penney, Target and Macy’s.
What other long-term changes do you foresee for consumers in the coming months? How do you think this will affect retailers and marketers?