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News Release from: mandmdirect.com | Subject: shopping habits in a recession
Edited by the Marketingservicestalk Editorial
Team on 12 June 2008
Consumers turn bargain hunters to beat
crunch
In light of the much publicised credit crunch and the debt and interest rate fears, UK consumers are more actively searching for bargains and altering their shopping habits, a survey shows.
Examining the climate of concern among consumers surrounding the ongoing fears and effects of the credit crunch, the study, commissioned by online discount retailer mandmdirect.com, surveyed more than 1,000 members of the public, gauging their thoughts on spending habits, debt and the search for bargains Respondents said in light of the credit crunch that they would look to reduce their spending in different ways
This article was originally published on Marketingservicestalk on 11 Mar 2008 at 8.00am (UK)
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When asked if they would now be actively looking for bargains when shopping, 61 per cent agreed they would, while 56 per cent resolved to save money by not spending as much on luxury items and 28 per cent would not go out as much.
Only 9 per cent said they would cut back on vices like alcohol and tobacco.
When asked if shopping online made it easier to save money, 62 per cent said it would, while 45 per cent felt bargains were easier to come by online than on the high street.
A combined total of 58 per cent of respondents said they either regularly or occasionally used online price comparison sites.
When asked if the credit crunch would affect their broader spending habits, 48 per cent of respondents said no, while 54 per cent said the credit crunch would not affect their decision to purchase cars, holidays or other large, expensive items.
Respondents refused to point the finger of blame for the credit crunch at any one factor, with 33 per cent blaming the government, banks, themselves and a consumerist society for the current climate.
That said, 73 per cent of respondents believe credit was too easy to obtain prior to the existing crisis.
Steve Robinson, CEO of mandmdirect.com, said: "The survey shows that UK consumers are in the process of becoming savvier when it comes to spending money.
"They want to continue to shop for what they want, but realise they can find bargains online and cut back in key areas to help combat the effects of the credit crunch".
This survey was conducted by Voxpopuk.com.
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