Recession Shoppers Flock Online to Find Deals
Although consumers have been curbing their overall shopping habits this year, a new group of so-called “recession shoppers” is going online more often to find the best deals.
PSB found that hard-core online shoppers, which it refers to as “weekly shoppers,” are influenced by coupons and discounts. But recession shoppers — those who shop more frequently online if their personal economic circumstances deteriorate — also are influenced by these deals.
Specifically, the study found the following:
- 79 percent of weekly shoppers and 68 percent of recession shoppers purchased something online they would not have otherwise because of a coupon or discount; and
- 70 percent of weekly shoppers and 64 percent of recession shoppers purchased something from a specific online retailer they would not have otherwise because of a coupon or discount.
The study also revealed that to engage these consumers, retailers must change the way they think about — and connect with — these groups. PSB revealed three things every online retailer must know in order to stay competitive in today’s tough economy. Retailers must:
- cater to consumers’ new need for information-based shopping;
- know the right channels through which to reach frequent online shoppers; and
- build brand champions through consumer loyalty.
Additional survey results include the following:
- 74 percent of online shoppers receive e-mail alerts from their favorite retailers;
- recession shoppers are more likely to research products or services online several times a week than average users;
- consumers less than 34 years old make more monthly online purchases than any other age group; and
- 34 percent of those surveyed plan to make more online purchases in 2009 than they did in 2008.