UK shoppers have proven to be among the most price-conscious in the world.
According to a Datamonitor study, 69% of UK consumers consider it important to find bargains when grocery shopping, well above the global average of 58%.
Despite this finding, Datamonitor senior analyst Katrina Diamonon warned against focusing too much on value.
“Value for money positioning must be implemented carefully so as not to infer a sense of compromise,” she said. “Particularly in the premium market, value-focused brands need to balance the emotional desire to treat oneself with the rational appeal of saving money.”
She advised creating an earned reward proposition. “Positioning products as ‘affordable luxuries’ or ‘earned indulgences’ are effective and credible ways to convey superior value for money,” added Diamonon.