Outlook Positive For Retailers As Shoppers Set To Spend
The research, commissioned by savings and cashback shopping website Cashrewards, additionally found that 58 per cent of the 1,000 respondents will spend more in 2015 than last year, including both online and in-store shopping (excluding groceries).
“The outlook for retailers through till the end of 2015 is looking positive,” Andrew Clarke, Cashrewards founder, commented.
“Spending has always been a barometer of consumer confidence in the economy, and low interest rates may be a contributing factor towards the positive sentiment about spending.”
The spend trend is dominated by the 18-24 age bracket, with 64 per cent planning to spend more this year than last, with this age bracket also increasingly going online to make purchases, with 38 per cent of respondents planning to spend more online. By contrast, 37 per cent of over-55s will spend more in-store.
The 18-25 age bracket is the one most motivated by online cashback incentives (59 per cent), followed by 25-44 (55 per cent), 45-54 (49 per cent) and over-55 (38 per cent).
“The fluctuating employment rate and Australian dollar certainly don’t seem to have deterred spending by the 18-25s, which may indicate that this age bracket isn’t as affected – or just that they don’t allow it to affect their planned spending,” Clarke commented.
“This could be because they’re very savvy with their online shopping and look for discounts and cashback for all their purchases.”
Across demographics, the survey found that 90 per cent of respondents buy on sale or through a promotion, with shoppers mostly enticed by discounts (73.8 per cent), coupons (32.3 per cent) and rewards (38.9 per cent), while, when it comes to online shopping, 49 per cent prefer online cashback over points schemes.