The GFC has ushered in a new group of consumers which are price conscious, shop online, seek value for money and are opting for home brands in supermarkets. New research from ACP Magazines and research company The Seed has shown that a majority of consumers, post GFC, are making more considered purchases and turning to the internet for cost savings.
According to the report, 76% of Australians surveyed claim they are being more careful with money, with 71% taking advantage of easy price comparisons online and daily deals through group buying sites such as Cudo and Jump On It.
What’s more, 56% said they are turning to home brands which offer the same quality as branded products. Over half (56%) of respondents said they would not compromise quality for a good deal, while 85% said they are always looking for the best value options.
The survey, How we Live: A Love Affair with Food and Homes, also focussed on the role media plays in influencing consumption, with 87% saying they look to magazines for practical solutions to apply in their homes. A further 82% of respondents said they turn to magazines to provide practical meal solutions.
Other insights to emerge from the study include that, post-GFC, consumers have reassessed their work/life balance and want to spend more time with family, particularly doing low-cost activities.
Phil Scott, managing director of ACP Magazines, said: “ACP Magazines continues to invest heavily in research to ensure our titles deliver for readers and advertisers."
“The insights are valuable to our advertising clients and editors alike as we ensure our magazines remain the ‘go to’ source for consumers in the new economic era.” The survey results, which were compiled from more than 1,000 online interviews and those with editors of ACP’s food and home titles, will be presented to advertisers tomorrow.
The research follows a similar survey conducted by ACP in 2008.
Source: B&T April 2011