 08 -14 November 2000 |
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Survey indicates caution in consumer spending
Consumers are becoming more cautious and taking account of fiscal changes and their possible impact, according to data collected by a research agency. The wide-ranging survey, which is done on an annual basis and was sent to some 50,000 households, asked a number of questions about the recipients’ lifestyles, such as buying patterns, home and leisure activities. The Research Bureau’s company director, John Ellul Vincenti, explained that the information gathered indicated that although people had aspirations to improve their quality of life, they were thinking ahead and becoming more cautious about what they were going to buy. "For example, a large number of participants told us that they were thinking of buying a new car, but when we asked what they planned to purchase, they said they wouldn’t buy one over 2000cc because of increases they think they might see in the next budget," he said. Mr Ellul Vincenti added that the questionnaire also indicated that consumers’ priorities have changed where certain products are concerned, with the result that price has become the bottom line. "In the past, price was not necessarily the most important factor to customers, but our last survey showed us that for many products, it now takes priority," he said. He gave the example of the feedback to questions that appeared in the survey about foodstuffs, in which participants decided that the price of butter or margarine, for example, was more important than other factors, such as taste. "In fact, when we relayed the information back to some supermarkets they were surprised, because although price has always been important, in past surveys they may have undertaken themselves, other factors such as taste of a product and parking or cleanliness at outlets may have taken a priority," he said. "These are examples of how the trends are changing, and companies will undoubtedly have to take account of them." | |||||||
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