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Britons were deal and discount-focused in 2023

Britons were deal and discount-focused in 2023
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Britons were laser-focused on deals and discounts last year and the attitude is likely to continue into the current year. 

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Photo: Pixabay

Retail e-commerce giant commissioned a study of over 2,000 UK adults and found that 84% of them actively sought out discounts, deals, and cheaper alternatives before buying last year.

Good quality and good value products (66%) and low prices or sales (60%) influenced them to spend the most in 2023 and 59% said they spent less on Christmas than they did in previous years to save money. 

Some 72% of consumers said that their spending on luxury or high-priced items decreased, with the same number saying they focussed their spending more on daily essentials. And 76% said their spending became more cautious. 

Britons were more influenced by bargains over style last year, as only 7% surveyed say they were influenced to buy something because it was considered on-trend. And 78% said finding a good deal was more satisfying than buying a high-end luxury item. 

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Temu also found that ‘bragging rights’ have shifted and when asked to choose, Britons “are most likely to brag about finding a cheaper but equally good alternative to an expensive product (28%) and finding a discount code or voucher for 50% or more off their purchase (23%)”. Some 62% said they’re more likely to recommend affordable, good-value products to friends and family compared to luxury or high-end items.

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Those consumers are are now more willing to wait weeks for retail sales or promotions before buying than they were in 2022 (37%). Over a quarter (29%) of Britons said it was ‘very important’ to their wellbeing in 2023 that they could find cheaper or low-priced items to buy. And 32% of them were focused on finding the cheapest prices for fashion and accessories.

Interestingly, 47% believe they can buy non-food items for the best value and price at online e-commerce platforms, while 25% say they find the best prices at supermarkets, and only 8% say high street chain stores offer the best value for money.

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