That money does not spread as before is a fact, as well as that periods like Christmas force us to make a compromise with the family budget. A difficult objective to achieve in times of inflation and reduced savings capacity of households, which increasingly opt for a defensive strategy: buying private label, boosting the consumption of second-hand items and taking advantage of discounts and special offers.
Specifically, nearly half of households (48%) combat price increases by purchasing a greater proportion of private label or generic products, which usually have a lower price than private label products. This is indicated by a recent study by the Idealo price comparator, according to which generation Z (1995-2000) is the most inclined to this consumption model.
This trend, explains Laura Sales, from Idealo, “occurs both in the food sector and in the fashion or technology sectors, and although in the latter case the products are not white label, they are from different ranges. Price”. Therefore, she emphasizes, the younger generations “are the least loyal to brands,” which is largely attributable to a lower purchasing power than other generations.
Another relevant fact is that the majority of households – seven out of ten – pay more attention than before to special offers and discounted items. In fact, according to a Kantar study, 81% of consumers say they compare prices to take advantage of offers. Furthermore, Idealo highlights that the use of discount coupons as a savings technique is gaining weight, as well as loyalty points and cashback offers – the reimbursement of a small percentage of purchases made at other participating establishments -, upward strategies that numerous brands drive. Despite this, the reality is that the consumer ends up spending more than in previous years for the same products.
And as the cost of living increases, so does the habit of shopping around. In this sense, new technologies and the Internet can be great allies, since there are platforms – such as Idealo – that allow the consumer to activate alerts when the desired product drops in price.
The problem is that not all that glitters is gold, and luckily the consumer often knows this. A report published just before Black Friday revealed that almost half of those surveyed – 47% – did not trust that the advertised offers were real. “When analyzing the products by average price and category, we could not prove it, although we did see isolated cases in which the price before Black Friday rose and fell again,” explains the Idealo communications manager. Hence lies the importance of always comparing the price.
However, visiting multiple stores in search of the latest deals may not be worth it. “It is true that we can end up saving, but we are also going to fall more often into the temptation of buying unexpected products on impulse, because the signage and advertising within the facility will lead us to buy more than necessary,” comments the secretary. General of FACUA, Rubén Sánchez. The antidote to impulse buying, he adds, is to make a shopping list and stick to it.
You must also be aware that the closer it gets to Christmas, the more expensive certain products become, so it is essential to anticipate in order to save. But making purchases ahead of time “also has cons,” warns Sánchez, “because there are people who fall into the temptation of starting to consume the products purchased in advance, which will end up making a greater expense.” Therefore, He continues, “it is about planning purchases and freezing certain products that tend to increase in price.”
Another new way to boost savings includes extending the life of useful products before replacing them, addressing planned obsolescence through repairs, buying second-hand or opting for reconditioned products.
According to a survey conducted by Wallapop, 87% of consumers would not mind receiving reused gifts as long as they are in good condition. However, there are used items that are more likely to end up being given away. This is the case of books, followed by smartphones and other electronic devices, such as deep fryers and kitchen robots.
The study also reveals that this option gains weight during the Christmas period. Symptom of this is that a third of those surveyed intend to spend more at Christmas on this type of shopping than in other years. The savings factor is the main motivation for 30%. The average discount obtained by purchasing a product with these characteristics is 44% compared to the price of the new product, according to another study by the platform. Although even more important for many people is the fact that this option makes it possible to “find unique goods to give a second life”, such as products already discontinued, and the environmental motivation, which one in three consumers claims to have.
But is it a good idea to give second-hand? When purchasing an item with these characteristics in a marketplace, the consumer must be aware that “perhaps you do not have the same guarantees to return it as if it were a new product,” explains Sales. Although in the case of reconditioned items, “they do have the same guarantee.”
He admits, however, that the practice of giving second-hand gifts is still far from being normalized. “We have to make a change in mentality,” he says, while predicting that sales of used items “will increase in the coming years” thanks to the boost that, above all, the younger generations will give them.
Be that as it may, he concludes, “the rise of new savings techniques is a trend that is here to stay and that will undoubtedly modify our consumption habits, betting on a more sustainable and efficient model in economic terms, but that will also have an impact at an environmental level”.
