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Consumer Price Sensitivity and Deal Seeking Up in 2013

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Nearly 3 in 4 shoppers (74%) are more sensitive to price in 2013 compared with 2012,  according to a recent survey of US consumers by Parago.

That increased price sensitivity may stem from shoppers' concerns about how much their dollars will buy, with 42% of survey respondents saying they feel their purchasing power has decreased in the past year.

Below are the additional findings from Parago's third annual Shopper Behavior Study.

Deal Seeking Increases

  • Before shopping, 80% of consumers surveyed said they look for deals, rebates, and the best prices, compared with 69% in 2012. 
  • 46% of consumers surveyed shopped where they could use their smartphones to check prices; only 11% did so in 2012. 
  • Price was the most important purchase driver for every income level below $200,000 and three times more influential on purchase decision than any other criteria overall. 

 


Will Travel For Savings

Some 81% of shoppers said they would drive 5 to 10 minutes out their way (round trip) for a $10 rebate on a $50 product; 93% said they would drive that distance for a $20 discount. 

Facebook Preferred Place for Rebate Deals

When asked "Where do you want to receive exclusive rebate deals?", the majority (53%) of shoppers said Facebook would be their preferred digital channel. 

 

About the research: The Shopper Behavior Study was based on data conducted via a national online survey during March 2013 with 1,078 respondents representative of the US (in terms of education, income and gender). They responded to a 50-question survey exploring their deal seeking behavior.


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Ayaz Nanji is an independent digital strategist and a co-founder of ICW Content, a marketing agency specializing in content creation for brands and businesses. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.

LinkedIn: Ayaz Nanji

Twitter: @ayaznanji

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  • by Gracious store Sun May 26, 2013 via web

    Many people always shop around comparing prices before they finally decided where to make their purchase. The advent of smart phones makes it easier for them to compare prices

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