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Survey data: How is consumer behaviour changing?

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By Published On: October 27, 20220 Comments

In mid-October, consumer confidence took a slight dip. Will it recover in time for the November sales events?

Each fortnight, Power Retail surveys over 1,000 online shoppers to find out how consumer behaviour is changing. From search to returns, our October findings may surprise!

SEARCH:

Each fortnight, we ask shoppers how they search for a particular product when looking online. Fifty-six percent of shoppers said they start their search for a product on Google. This has remained fairly steady since May 2022. Eighteen percent head straight to a retailer website to search for a product. Last year we saw an increase in those heading direct to a retailer to search for a product in the lead up to Christmas (at 24% in September 2021). We have not seen this replicated so far this year.

Twenty-four percent head straight to a marketplace to search for a product (with 10% heading to Amazon and 12% saying they went to eBay when they’re searching online). Search has remained fairly static in the last few months, with the only noticeable change a boost to Amazon during the Prime Day period.

Whether search behaviour will shift as we head closer to November sales and peak Christmas spend remains to be seen, though our latest (soon to be published) Trajectory Report #56 which includes data from later in October, already shows a shift in behaviour here, in just a mere two weeks.

Source: Power Retail Switched On Trajectory Report #55 (14 October 2022)

INTENT TO SPEND ONLINE:

We actually saw a slight dip in confidence in mid-October, with 25% saying they are planning to spend more online in the coming month (compared to 28% in September). Twenty-two percent plan to decrease online spend, while 53% plan to spend the same online next month.

For those decreasing spend, 56% say they are saving for essentials and 33% say they are saving for Christmas. A massive 68% of those planning to increase their online spend next month are doing so to shop for Christmas gifts), putting it in top position. Taking advantage of bargains comes in second position at 54%.

Source: Power Retail Switched On Trajectory Report #55 (14 October 2022)

STOCK LEVELS:

Twenty-nine percent of consumers surveyed said they had recently made a purchase that has later been cancelled by the retailer because stock was not available. Twenty-eight percent said that if their order was cancelled they would purchase elsewhere, with 46% saying they would abandon their purchase altogether.

With peak season around the corner (or some would argue, already here) retailers need to be prepared and inventory management needs to be top of the (Christmas) list.

Want to find out more? Download Trajectory #55, filled with actionable insights for retailers and brands, and FREE for Power Retail Switched On Members.

PLUS join our fortnightly Market Update, in which we present findings from the most recently published Trajectory Reports. FREE to join (for both Switched On members and non-members), and just 15 minutes! Our next Market Update will take place on Wednesday, 2 November at 1 pm, and we’ll be taking a deep dive into Travel. Register here.

The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more!

About the Author: Natasha Scholl

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