The Impact of Customer Savings on their Purchasing Behaviour
With the UK economy in recession and unemployment rates rising, many consumers are more aware of their money and how they spend it.
Financial uncertainty surrounding the pandemic has had an impact on buyers’ purchasing decisions, prompting them to be more frugal.
A recent NMG Consulting – the Bank of England survey found that household savings increased significantly in the recent months. Twenty-eight percent of participants saved during the pandemic, compared to 20% who decreased their savings.
The study also showed that only 10% of households with increased savings thought about spending them. Most (around 70%) planned to keep them, while others intended to use them to pay off debts, invest or top up their pensions.
Another important factor affecting customer purchasing behavior during the coronavirus pandemic is food affordability.
Customer research commissioned by The Food Standards Agency has found that a significant proportion of people ate riskier foods past their use-by date, which was particularly true of those who had to reduce meal sizes or skip meals for financial reasons.
Food insecurity also increased significantly from 16% in July to 18% in September 2020, with one in five respondents admitting they had restricted meals due to financial challenges.
Is resealable packaging the solution?
Retailers can help address some of the issues above by choosing resealable packaging for their food products.
Resealable packs can help customers better manage portion sizes and keep products fresh for longer. They can be opened multiple times, preventing premature food spoilage, and they also ensure easy access to food – you do not need knives and scissors to open them, which is especially important when thinking about older customers.
But what about the price?
Reclosable packaging can be more expensive than standard packaging due to its increased functionality. However, a report by Public Health England has found that as customers eat more at home in lockdown, they tend to buy more food while visiting stores less frequently.
With this in mind, resealable packaging offers a solution to extend product shelf-life, produce less food waste and make life easier for customers – thus generating savings in many other, often overlooked, areas.
Reseal-it® by Macfarlane Labels is an innovative, resealable labelling solution that enables packs to be opened and closed up to 25 times, ensuring product freshness and pack integrity. It is used on a wide range of products globally, across 500 million packs.
To find out more, visit: www.resealit.com