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.