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Consumers to increase online spend as credit crunch continues
AF
A survey examining shopping trends for 2009, has found that, in a search for better bargains, consumers plan to shop online in preference to the high street.
New Media Age and Lightspeed Research have conducted their first online shopping survey to try to predict the trend for 2009 as consumers are forced to tighten their belts as the Credit Crunch continues.
Christmas retail figures are showing that spending on the high street during Christmas was considerably lower than last year; and this trend seems set to continue over the next 12 months. In a bid to save money, consumers are opting to stay at home and shop online rather than pay out for petrol and parking by hitting the shops.
Many well-known high street brands are reporting that while sales dropped in their stores, they saw an increase in their online sales over the festive period. So, as consumers move online, so do retailers, with many top names planning to move more of their business online and to extend the product ranges offered on their websites.
Of all the survey respondants, 36% plan to increase the amount of shopping they do online, and in the 18-24 year-old range this increased to 45%, and in the 25-34 year-old range, the age group that spend the most money, the figure was 44% - almost half.
Prices may be the biggest factor to encourage consumers to shop online, with 89% of respondents believing that they can get a better deal on the internet than the high street, but consumers are also swayed by the belief that the internet offers them a wider range of products (81%), makes it easier to find what they want (84%) and easier to compare prices (95%).
This survey may well be the one to make retailers sit up and listen: the internet has offered consumers a bigger choice and more opportunity to research different retailers to find the best deal. Consumers are researching online and buying offline and vice-versa. And with 34% of consumers planning to use Price Comparison sites more than last year, 2009 may well see a widening gap between the stores with a strong online presence and those who have not embraced the internet like they could.