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.
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