The study noted that buyers prioritize cost savings while demanding higher quality products. (Representational Image)
Due to economic uncertainty and rising costs, consumers in India are becoming more forward-thinking in their shopping habits.
Economic uncertainty and rising costs are creating discerning buyers who are eager to get the best value for their money without sacrificing the stuff they love, says a new report.
Commerce media company Criteo today released ‘The Rise of Savvy Shopper Study’, which was conducted with over 1,400 consumers in India, to see how inflation has affected their shopping behavior and preferences.
The study reports that 81% of buyers India Compared to 71% of global shoppers are spending more time online searching for the best offers and prices before making a purchase.
The study states that due to economic uncertainty and rising costs, consumers in India are becoming more forward-thinking in their shopping habits.
According to the findings, 51% of consumers buy gifts in advance for future holidays or birthdays due to an increase in prices, while 40% of global consumers follow the same trend.
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59% of Indian consumers have canceled or postponed plans to purchase an item due to a price hike. 74% buy essential items in bulk to get more value for their money.
Additionally, 61% are buying high-priced items like appliances and furniture soon to beat potential price increases. These findings highlight the growing trend of smart and strategic shopping among consumers.
Taranjit Singh, Managing Director, South APAC, Criteo, said, “The recent inflation has hit the budgets of many buyers. This has given rise to smart shoppers who know how to save their budget by using both online and offline channels and finding the best deals and offers.”
Singh said, “It is important for marketers to build a strategy that covers every moment of purchase – all touch points along the customer journey need to provide customers with a seamless and rich shopping experience. “
Consumers want more from brands than just discounts. Alignment with brand values and loyalty programs are strong motivators for shoppers to shop now.
In addition, 80% of Indian consumers surveyed are finding products that are priced better online than in physical stores, compared to 65% of buyers globally. As per the study, 77% of Indian shoppers said they are now shopping more online as compared to 57% of global shoppers.
The study noted that buyers prioritize cost savings while demanding higher quality products. In fact, product quality is the most important factor to consumers, outpacing free shipping and discounts/coupons.
Studies show that 95% of Indian consumers consider product quality when shopping, 90% take free shipping into account, and 89% look for available discounts and coupons. Buyers are looking for the best of both worlds – great products that are built to last and deals that don’t compromise on quality.
moreover, retail inflation decreased to a one-year low of 5.72 per cent in December 2022, mainly due to softening food prices. Besides, it was within the Reserve Bank of India’s (RBI) comfortable range of 2 per cent-6 per cent for the second month in a row. The inflation rate based on the Consumer Price Index (CPI) declined to 5.72 per cent in December. It was 5.88 percent in November and 6.77 percent in October 2022.
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