As inflation and financial uncertainty persist, shoppers are adjusting their buying patterns and embracing cost-cutting measures.
Sixty-nine p.c of worldwide shoppers have altered their non-essential spending habits. That’s in keeping with PwC’s “February 2023 World Shopper Insights Pulse Survey” report (PDF). PwC’s twice-yearly survey goals to watch shifting shopper tendencies worldwide.
For the February report, 9,180 shoppers had been polled throughout 25 nations: Australia, Brazil, Canada, China, Egypt, France, Germany, Hong Kong SAR, India, Indonesia, Eire, Japan, Malaysia, Mexico, Philippines, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, United Arab Emirates, United States, and Vietnam.
The survey respondents had been a minimum of 18 years outdated and should have shopped on-line a minimum of as soon as within the earlier yr.
The report identifies 4 shopper segments.
Probably the most pessimistic group (42%) anticipates a substantial discount of their retail spending throughout all classes. For instance, they’re much less inclined to journey and extra more likely to change to extra inexpensive manufacturers and even forego utilizing sure gadgets they usually depend on.
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In 2023, shoppers nonetheless favor buying in-store, with 43% of respondents selecting it as their hottest channel within the final 12 months. On-line buying by way of smartphones ranked second in reputation at 34%.
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Shoppers need a mix of bodily and digital experiences when buying in-store.
When requested to prioritize components that will improve their in-store buying experiences, 50% of respondents ranked entry to educated and useful gross sales associates as the highest issue. Moreover, 42% of respondents expressed a powerful desire for utilizing self-service checkout kiosks, whereas 41% favored utilizing a retailer’s web site or cell app in-store to browse for particular merchandise.
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The report additionally reveals that 43% of shoppers plan to extend on-line buying within the subsequent six months.