Consumers prioritise cost and value as festive spending hit by Covid-19

More than 40% of consumers admitted their spending habits have been affected by the pandemic

British consumers have said they will prioritise cost and value when making Christmas purchases, a new study has found.

The research by Bazaarvoice discovered more than a third of consumers were concerned about cost and value, and more than 40% admitted their spending had been impacted by the coronavirus pandemic.

Unsurprisingly, almost 60% of Brits said they had turned to shopping online more than they had been pre-pandemic.

Meanwhile, among the 5,000 global consumers surveyed, British consumers were found to be more detail-oriented when it comes to product recommendations and feedback.

Compared with their European counterparts, 7% of Brits said they prefer the detailed nature of a product review to a standalone product rating.

Amazon inspires

In the results, Amazon was found to be a ‘vital’ resource for consumers, with almost two thirds of Brits using it for gift inspiration and three quarters planning to buy from the marketplace.

“Amazon has become more prominent during the pandemic as more people have turned to online shopping,” said Bazaarvoice’s Senior VP of Marketing, Suzin Wold.

“Its scale gives it an almost unbeatable advantage, but where brands and retailers can win is by delivering a fantastic consumer experience and different value.”

The retail giant was found to have competition from social media platforms, with Instagram as influential for inspiration and gift ideas among Gen Z consumers.

Facebook, however, remains the most influential social media site in terms of gift buying at more than 20%, with Instagram in second at 19% and Pinterest 11%.

“Younger generations identify with brands more personally and emotionally than older generations, and use social media at every stage of their purchase cycle,” added Wold.

“Listening and engaging with consumers across social platforms in the early stages of product discovery through storytelling, visuals and authentic influencers will create engagement.”

She continued: “Social media should be used to create a more unique shopping experience for brands and retailers to set themselves apart from Amazon.”

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