Rising costs are driving consumers to be more cautious with their spending

A new consumer shopping study from Sampl shows that rising prices are driving consumers to be more cautious with their spending – 83 percent of UK consumers said their shopping is noticeably more expensive than it was a year ago, with a third (33 percent) reporting they are now less willing to try new products as a result.

The survey of 2,010 UK adults sought to understand how consumers were feeling today and the impact this was having on their shopping behaviours – whether buying everyday products in the supermarket or occasional treats like beauty products.

75 percent are worried about the rising cost of living and nearly half (46 percent) actually dread going shopping because everything is so expensive. Two-thirds (68 percent) agreed they had to be more careful with their spending than 12-months ago.

As budgets tighten, shoppers are increasingly sticking to known products rather than experimenting with new ones. A third (33 percent) admitted they were less willing to try new products than 12 months ago. A trend acutely felt by younger adults – with 51 percent of 18-24 and 46 percent of 25-34 admitting reluctance to experiment and discover new products.

Unsurprisingly, affordability was found to be the biggest barrier to experimentation, with 42 percent of consumers citing cost as the main reason they are holding back from trying new and different products.

“UK consumers – and particularly younger shoppers – are being costed out of trying new things,” says Matt Huntly, CEO of Sampl. “It is clear that people stick to what they know when times are hard. With consumers feeling like they simply can’t afford to get it wrong, the challenge for brands is to ensure that product discovery doesn’t disappear altogether.”

The research also highlighted a clear opportunity for brands and retailers – when risk is reduced consumers are more open to trying something new. In fact, 62 percent of consumers said receiving a free sample would make them more likely to try new products. Tactics such as product sampling and cashback can play a critical role in giving consumers the confidence to step outside of their usual purchasing habits.

Matt continues, “Brands need to do more than simply be seen, they need to actively build a willingness to try. They need to remove the risk, put the product in peoples’ hands and give consumers the confidence to try something new. Using strategies such as sampling or cashback to help convert hesitation into action and remove risk to consumers. Those brands that can find new ways to break through will be the ones that drive growth – even when we are counting our pennies more closely than before.”

Image courtesy of Unsplash. Photo credit: Lucrezia Carnelos.