Today‘s consumer is no longer tempted by discounts of less than 50 per cent, according to recent research by luxury private sales etailer BrandAlley UK.
Of the 2,000 BrandAlley customers surveyed, 88 per cent said that items would need to be at least 50 per cent off RRP before they would consider it to be a real bargain. And 81 per cent of customers stated they expect retailers to be on sale all year round, as opposed to the traditional sale periods of January and July.
The research revealed that half price or % offers are the most attractive to consumers versus BOGOF deals and suggested that consumers appear to hold the power when it comes to sales. Consumers have become savvier shoppers, especially when it comes to finding a bargain. Of those surveyed, 34 per cent said to have saved up to £1,000 in the past year through buying discounted items.
Working with Consumer Psychologist Professor Karen Pine, BrandAlley were able to distinguish the physiological rational behind ‘bargain hunting‘.
Pine reveals how shopping is very much linked to changing consumer mentality: “A purchase ‘feels‘ more satisfying to the consumer, and less guilt-inducing, if there is a saving associated with it. She said. “Humans are motivated to increase pleasure and reduce pain, and since spending is painful this has always been part of our mentality.”