Temu, one of the world’s most downloaded shopping apps, has launched their latest online YouGov research, revealing the buying traits of Britain’s savvy shoppers last year and it’s all about deals and discounts.
2023 saw Britain strapped for cash as the cost of living crisis tightened its hold. Consumer shopping habits changed as Brits adapted and savvier shopping became essential day to day. New online YouGov research from retail ecommerce giant Temu looks back at 2023 to see how British consumers became bargain hunters.
- 72% of consumers say that their spending on luxury or high-priced items decreased across 2023
- The same number (72%) saying they focussed their spending more on daily essentials.
- The vast majority 84% also confirmed they actively sought deals and sales before making a purchase last year
- Three quarters (76%) say their spending became more cautious.
- In fact, finding good quality and good value items (66%) and low prices or retail sales (60%) became the factors most likely to influence people to buy
- 59% say they spent less on Christmas in 2023 than did in previous years to save money
Deals and discounts
Brits were more influenced by bargains over style last year, as only 7% surveyed say they are influenced to buy something because it was considered ‘trendy’. 78% also went to the extent of saying that finding a good deal is more satisfying than buying a high-end luxury item.
These new spending habits led to revised bragging rights. When asked to choose,
- Brits are most likely to brag about finding a cheaper but equally good alternative to an expensive product (28%)
- And finding a discount code or voucher for 50% or more off their purchase (23%)
- 62% say they are more likely to recommend affordable, good-value products to friends and family compared to luxury or high-end items.
The Rise of the Savvy Shopper
As bills rose and disposable income shrank
- Over a third (37%) of Brits say they are now more willing to wait weeks for retail sales or promotions before buying than they were in 2022. Brits turned savvy shopping into an Olympic sport.
- Over a quarter (29%) of Brits said it was ‘very important’ to their wellbeing in 2023 that they could find cheaper or low-priced items to buy.
With this in mind, categories in which most Brits actively tried to find cheaper retailers or low-cost alternatives before buying were:
- Homeware and Household essentials (46%)
- Fashion & Accessories (32%)
- and Personal tech & gadgets (31%)
When looking for the best deals and prices
- Close to half (47%) believe they can buy non-food items for the best value and price at online ecommerce platforms
- A quarter (25%) say they find the best prices at supermarkets
- Only 8% say high street chain stores offer the best value for money.
