Now there’s no recession, shoppers are less pessimistic
The UK economy is beginning to show signs of growth, with GDP increasing from -0.2% at the end of 2012, to around +0.8% by 2014 (http://www.bbc.co.uk/news/10613201).
Unsurprisingly, this has had a significant effect on shopper’s financial outlook!
Although shoppers are not necessarily expecting their household finances to get better, over the last year our Continuous Shopper Insights has seen a declining trend in the number of shoppers who expect their household finances to get worse in the next year and instead an increasing trend in the amount of shoppers who expect their finances to stay the same.
This doesn’t just stop in the household… shoppers are also less pessimistic about grocery prices too. Back in August 2013, 82% of shoppers feared that grocery prices were going to rise in the next year, this dropped by 16% for shoppers in August 2014. Instead these shoppers shifted towards thinking grocery prices will stay the same.
While shoppers are beginning to feel more comfortable with their worlds, this doesn’t necessarily mean they’re becoming more optimistic (0% increase in shoppers feeling prices will get cheaper from 2013-2014).
With many stores recently announcing big price cuts, shoppers may be experiencing trust issues with their supermarkets… Do retailers need to do more to get shoppers to actually believe that prices are getting cheaper..?
If you’d like to know more about Continuous Shopper Insights and what it can do for you… Follow the link -> http://www.sbxl.co.uk/what-we-do/csi-dashboard