LONDON, April 29th, 2013: RAPP is launching the second wave of its Opportunities in Austerity research study, which looks at how consumer behaviour has evolved since the government cutbacks were introduced and the consequences for brands.
Opportunities in Austerity looks at the habits that consumers have formed to make their money go further. It looks at emerging trends in consumer behaviour, the coping strategies people have adopted, those that look like they are here to stay and those that brands should take note of and adapt their strategies to retain and grow their customer base.
In 2011 we identified seven coping strategies. They were: stopping or delaying purchases; reducing our consumption of a product; managing costs through discounts and offers; and trading down. People were being smart by accumulating and redeeming points, prizes and linked offers, swapping by using a different means to achieve the same aim and buying small treats to reduce the feeling of deprivation caused by the other behaviours
This time we will tell you about one more coping strategy that has emerged: haggling. As well as uncover which behaviour is becoming entrenched in our culture.
Gavin Hilton, customer experience director at RAPP, said: “The time has come for brands to accept that consumers are technically and economically savvy. They have formed new habits and they are prepared to hunt down the best deals for a growing number of items, big and small. Not only that, there is a growing number of apps and tools that are being designed to help them. There are even TV shows that help people find the cheapest deals.
“This savvy shopping behaviour is the new norm and brands need to adapt fast in order to engage consumers successfully.”
The event will take place on Tuesday 30th April 2013 from 8.30 am at Paramount, Centre Point, London WC1.
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