Shoppers Wiser But Still Spending as Credit Cards Run Over Despite Crisis
It seems consumers are finally becoming more savvy with over a third saying they price compare items in at least five shops before making purchases. So, as the spending hasn't slowed because of the crisis, we have a look at how consumers are using their credit cards.
Food is being named as a potential cut back this year as 55% of shoppers said they will try to decrease their spending in this sector. While 41% will cut down in the area of travel, perhaps spending more of their holiday time within the UK than abroad. These statistics come from Abbey Credit Cards, which also commented that 31% of customers are also now finding it much more trendy or at least more financially forgiving to do their shopping at charity shops or markets.
UK company Apacs attributed over £126 billion in 2008 to credit card spending, up 2% from 2007. MasterCard Worldwide conducted their own research with findings showing that during the end of 2008, online shoppers forked out more frequently using the plastic, on books and arts, then came home appliances and electronics, with home entertainment products such a CDs and DVDs in third.
MasterCard found that their customers were spending more online than other avenues, with 83% researching the items they wanted to purchase in advance in order to get a cheaper deal.