Millennials and pensioners less price conscious, baby boomers most frugal, Webloyalty
Millennials and pensioners are the shoppers least influenced by price, while affluent baby boomers are more likely to watch costs, according to new Webloyalty research. Its 5Ps of Shopper Motivation report, created in conjunction with Oxford Brookes University, identified five profiles of behaviour: Peer, Price, Practicality, Personalisation and Perk Motivated shoppers.
Based on a survey of more than 5,000 consumers in 13 countries, it found that Price Motivated shoppers were the most common profile, with 51% of people falling into the category globally and 52% in the UK. Outside the UK, they were most likely to be found in Brazil (63%) and Turkey (61%) and least prevalent in Norway (29%) and Spain (36%). A higher proportion were baby boomers aged 55-64 (57%), compared to 44% of Millennials (18-24 year olds).
Guy Chiswick, Managing Director of Webloyalty Northern Europe, says: “Consumers are more demanding than ever, with their tastes and demands changing at an unprecedented rate. There is no longer such thing as the ‘typical’ consumer profile, instead there are multiple and their needs are complex. Our report reveals that there are trends that drive purchasing decisions across different generations, genders and geographies."
"Retailers are facing challenges as they struggle to remain profitable, but it is not just about cutting costs and reducing margins when it comes to survival. There’s no denying that price motivated customers are the most common profile and there is pressure on competitive pricing. However, there are other drivers and advocacy has, and always will be, important in the retail landscape. Keeping in mind the results of our research, retailers need to make sure make they are designing their offerings, stores and websites with the correct shopper profile in mind. Nurturing your Peer and Price Motivated shoppers can mean they become your biggest advocates; never underestimate the power of the customer marketer.”
Click here to read the full report.