Consumers Look for Bargains Online

With the slowing economy, spenders are more likely to carefully research purchases, often turning to the internet to score the best deals.

New research by a team from the UK found that:

• Price remains the major influencer, with 64% citing this as the most important factor when making an online purchase over the next 12 months.
• 62% of respondents said they are now more likely to consult reviews written by other web shoppers before buying.
• Most (69%) search by product name when looking to purchase online, with brand names the next most searched for (43%).
• Women are more inclined to reduce overall spending during the economic downturn, but they are more likely to consult online reviews than men (64% vs. 58%).
• When comparing the different age groups, it is the “silver surfers” (age 55+), many of whom have paid off mortgages or enjoy higher disposable income, who are the least concerned about the economic situation: 43% said the economy would not affect their spending.
• They are followed by the 16-24 age bracket: 37% wouldn’t change their spending levels.

image via Flickr