The price of products is under scrutiny like never before
The Great British public loves a deal and with the recent announcements of Government budget cuts, the nation’s attitude towards its finances is set to be cautious for a long time to come. Many of us are not reverting to our previous spending and lifestyle habits, but at the same time we’re not about to stop going out, live on a shoestring and cut back constantly. Instead, a new attitude has emerged. Brits want to make sure they can still treat themselves, go on holiday and eat out regularly – they are just careful how they do it.
According to recent research carried out by loyalty programme Nectar, consumers prefer to treat themselves properly once in a while as oppose to indulging in smaller treats more often. Instead of staying in and frequently renting DVDs we prefer to go out to the cinema every now and then to see a film (28%). We’ll go to a nicer restaurant less often for a more memorable meal rather than grabbing lots of cheap eats a few times a week (38%), and we prefer to buy a more expensive ‘staple’ item for the wardrobe rather than lots of cheap fashionable clothes (27%).
Barry Clark, from Future Foundation has been examining consumer spending habits and attitudes through the recession. “In recent months consumers have become noticeably less pessimistic about both the economy in general and their personal finances in particular. Despite this, our own research shows that Brits are now spending more time comparing prices and looking for bargains.
“Between the autumn of 2008 and last summer, the number of British people taking the time to track down bargains grew from around 5% to 20%. This theme has been repeated in a number of pieces of work that we’ve conducted. There can be no doubt that the recession has caused consumers to reassess the value of money and be rather more careful in using it. 80% of consumers say that they will continue to be cautious with their money even after the recession finishes.”
This is backed up by the Nectar research findings which reveal that 37% of us are using price comparison websites more frequently to make sure we get the best deal.
Barry continues, “We have identified two manifestations of our more canny use of money – firstly through an increase in the numbers of people who are budgeting, and secondly an increase in ‘maximising’ behaviour. ‘Maximisers’ are those who consider each purchase carefully, weighing up alternatives and researching prices and promotions to get the best possible deal.
“At the Future Foundation we are convinced that we have entered an era when the price of products comes under scrutiny as never before.”
Top ways to treat yourself on a budget
Holidays
Almost one in 10 of those surveyed by Nectar say they look to ‘house swap’ as an alternative to paying for holiday accommodation. There are plenty of websites that are geared up to help you find a suitable house swap for your holiday - whether you want to go away in the UK or abroad. Not only will this save you money, but if you’re thinking about doing up your house or having a bit of a re-vamp it’s a great way to get ideas!
Eating out
Restaurants and food chains have cottoned on to the fact that they can still make money from deals as consumers don’t want to stop eating out altogether. There are always two for one deals and special offers. Also Nectar collectors can now use their Nectar points to get money off the bill at ASK restaurants nationwide.
Why not consider becoming a mystery diner (mysterydining.co.uk), you can go out for a slap up meal, review it and get your money back.
Shopping
If you’re after deals on your groceries, shop near closing time when you can get some great reductions on all sorts or shop with a friend to take advantage of the two- for- one deals.
Pampering
If you’re in dire need of a facial, manicure, pedicure or massage but can’t really justify the price then hunt out your nearest beauty college where you can get all these treatments for a fraction of the salon price. A full body massage can cost as little as £20. You can also sign up to be a guinea pig for trainees who need models to help them out with salon treatments, make-up and hair dressing. Volunteers can then benefit from free or discounted treatments. Look at salonguineapig.co.uk for more information.
Cinema
Most canny cinema goers know about two-for-one cinema tickets on Orange Wednesdays. Nectar collectors can also spend their points with Vue cinemas - not just on cinema tickets but on concessions like popcorn and drinks as well.