Among the findings of the Online Shopping and Credit Crunch Survey Report:
Consumers are turning online to find the best available prices as well as advice, the study found. Price remains the major influencer, with 64% citing this as the most important factor when making an online purchase over the next 12 months. 62% of respondents said they are now more likely to consult reviews written by other web shoppers before buying. Most (69%) search by product name when looking to purchase online, with brand names the next most searched for (43%)
Women are more inclined to reduce overall spending during the economic downturn, but they are more likely to consult online reviews than men (64% vs. 58%). When comparing the different age groups, it is the “silver surfers” (age 55+), many of whom have paid off mortgages or enjoy higher disposable income, who are the least concerned about the economic situation: 43% said the economy would not affect their spending) They are followed by the 16-24 age bracket: 37% wouldn’t change their spending levels.