Lightspeed’s study captures the nation's feelings on the costs of products rising in the past few years, with 77% of respondents saying they believe rising prices for retailers, including energy bills and rent, are the main reasons behind increased prices. Over half (51%) of those surveyed didn't believe these price hikes were fair.
To counteract these rising costs, shoppers are adopting cost-saving measures like taking "2 for 1" deals (51%), changing their preferred retailers to find lower prices (39%), shopping less frequently than last year (38%), only shopping during sales periods (24%), and asking others what they want for Christmas and birthdays to avoid wasting their money (24%).
Apparently the most optimistic age group of the nation, almost a quarter (24%) of Gen Zers are spending more money now than they did a year ago, with 28% saying they make more impulsive purchases, thanks to social media, and nearly one third (32%) of Gen Z shoppers now shopping exclusively during sale periods to get the best deals they could.
#TikTokmademebuyit reigns true as it is the platform with the biggest influence in social purchases amongst this age group (59%), followed by Instagram (53%) and Facebook (24%), but despite this age group being the least likely to shop in store, 33% will be influenced by what they see on social media and subsequently head to the high street to find the item they’ve seen on their social media channels.
Adopting pre-loved items
Despite 62% of those surveyed saying they've never previously shopped in store for pre-loved or reconditioned items, almost half of respondents (46%) stated they were planning to consider the ethical and sustainable origins of a product before buying something new.
With under 45s being the most inclined to buy reconditioned or pre-loved items, the primary reason for doing so is less ethically driven and more to do with the impact on their own pocket.
Cost-effectiveness (61%) is seen as the top motivator followed by environmental concerns (35%), old items being seen as better quality than new items (29%), recurring fashion trends that have come round again (20%) and opposing fast fashion (19%).
How people feel about AI when they shop
When it comes to the use of AI during the shopping experience, the nation is currently split on how comfortable they feel about AI, with 32% stating they are somewhat comfortable to very comfortable with AI being part of the shopping experience and 35% saying they feel somewhat uncomfortable to very uncomfortable with it.
When asked about people’s direct experience with AI whilst shopping, it’s the need for speed that wins shoppers over, with 41% of respondents saying self check-out in more stores would enhance their experience the most.
This is followed by people being more open to AI in stores that delivered personalised discounts to them (39%), personalised suggestions in-store (28%), recipe suggestions based on what’s in their grocery shopping (27%), virtual fitting rooms (26%), make-up shade matching (23%), and changing digital window displays (21%).
The emerging shopper typologies
When respondents were asked what type of shopper they are, a huge 70% identified as a ‘Deals shopper’, meaning they actively seek out deals, discounts and offers to gain bang for the buck, followed by 46% of shoppers stating they are ‘Last minute shoppers’ who like a speedy in store experience with attentive customer service, good stock availability and multiple store locations so they can get what they want, when they want it.
70% of their respondents say they are a ‘Deals Shopper’: I actively look for deals in store and sign up for offers and discounts that offer value for money. I’m less bothered about the in-store shopping experience, it’s all about getting bang for my buck!
46% of their respondents say they are a ‘Last Minute Shopper’: I purchase on the high street and want a speedy in store experience with attentive customer service, and I expect good stock availability and multiple store locations so I can get what I want, when I want.
35% of their respondents say they are a ‘Personal Shopper’: I like to schedule a shopping trip. I expect good customer service and I’m open to stores using AI to enhance my shopping experience, so it feels like it’s more personal to me. I buy into a brand and want to receive offers and in store experiences that are tailored to me.
32% of their respondents say they are a ‘Fair Share Shopper’: I actively search out second-hand pre-loved shopping experiences, and I value the ethical and sustainability of a brand and the items they stock. I expect sustainable materials to be used in packaging.
17% of their respondents say they are a ‘Social First Shopper’: I buy things ‘on trend’ and get inspiration from social media and then I might buy in store so I can experience it hands on before purchasing.
Says Liam Crooks, MD of EMEA at Lightspeed: “It’s encouraging for retail businesses to hear people are looking to shop in store in the second half of 2024, and even more illuminating to know they can make strides in converting business by taking steps to look at what ‘makes’ the shopper experience. From simple and easier AI powered tech, to personalised deals and offers to show they really know their customer, and understanding the motivations around ethical purchases, retail in the UK can once again thrive.”
To learn more about Lightspeed, visit www.lightspeedhq.co.uk.
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