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Shoppers Recession Hangover

DATE: 6th August 2009

Press Release: Research International

For immediate release

Shoppers Recession Hangover

The effects of the recession are likely to be felt in the grocery and retail sectors long after the recession has ended, a Research International survey released today has found.

Short term behaviours have obviously been altered in the current economic environment. Four in 10 people saying that they have completely rethought the way they shop as a result of the recession and over half of all people are now buying fewer luxuries than they did prior to the recession.

“The recession and petrol price hikes that preceded it have acted to bring price and value into the consciousness of consumers’, more than for many years”, says Paul Epplett, Senior Client Service Director at Research International. “Half of all main household shoppers visit more than one supermarket to ensure they get the best prices on groceries and three quarters of shoppers say they actively seek out specials when they go shopping.”

“In the past people have been more coy or even embarrassed to admit that they buy private label products for fear of being labelled cheap, however in this environment buying these products illustrates a person is being prudent and responsible”, says Epplett.

Many Gen Y’ers have been in a better position to deal with the recession than other groups as many do not have mortgages and families to provide for. But the recession has made even this group review their spending. “Debt sucks, who wants to be living in it?” says one Gen Y respondent.

The long term impact of these changes may be bad news for established grocery brands however. Over half of the people surveyed would like to think that the habits they are learning now will stick with them long after the recession has ended, but admit once funds are more available they are likely to splash out on some of the bigger items. “The more you have, the more you spend, it’s just human nature” said one respondent to this survey.

ENDS

© Scoop Media

 
 
 
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