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23 Dec 2022

What are the top factors driving sales in the current economic climate?

With retailers gearing up for a busy sales period over Christmas and New Year, retailers must highlight why their products are essential to the lives and lifestyles of consumers, rather than just desirable.

It appears that shoppers may only browse for the products they need – rather than those they want, as a recent report by marketing agency, Gekko, revealed the key factors driving considered purchases in the current economic climate.

Number one on the list was if a crucial home appliance or device was broken (76 per cent). Second was if the item was essential to a consumer’s day-to-day life (73 per cent). Interestingly, a promotion only scored third on the list tied with longevity (37 per cent) only half as important. Next was if it was related to a hobby or personal interest (35 per cent).

The same report revealed that nearly half of consumers are prepared to switch brands for non-essential items with the current squeeze on household budgets, versus just 10 per cent who would stick with a preferred brand.

To read the full article please visit ERT Online
Photo by Michal Matlon on Unsplash

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