Bazaarvoice Shopper Experience Index: 77% of shoppers say they’re reducing their spending on non-essential items due to the economy
Social media has become integral to consumers’ shopping research, 73% aged 18-24 have purchased on social media last year
Bazaarvoice, Inc., the leading provider of full-funnel authentic user-generated content (UGC) solutions, today released its annual Shopper Experience Index, based on a survey of more than 7,000 global shoppers. As a special addition to the report, over 400 global brands were also surveyed. The results revealed that as shoppers weigh their purchases more carefully in the current economic climate, they are spending less. They’re also relying heavily on UGC such as ratings, reviews, and shopper photos, while utilizing social media at every stage of the shopping journey, from discovery to purchase.
Global survey highlights include:
Consumers are changing their shopping habits due to the current economy: 73% of consumers claim to have changed their spending habits due to the current economy. They are choosing to make fewer purchases and spend less on practical (56%), delayable (61%), and non-essential (77%) products. Over half (54%) have maintained the same spending habits when it comes to essential products, but 21% are even reducing spending on those. To reduce their spend, more than 2 in 3 (70%) of consumers are also open to trying a different brand for products they regularly buy.
Social media has become a search engine as well as a checkout counter: Half (49%) of shoppers agree they’re more likely to find products and services on social media than any other channel. Half say they often research a product through social channels, and 42% say social media impacts their purchasing decisions.
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Social media’s generational divide continues via e-commerce: While 73% of shoppers 18-24 have purchased something on social media in the last year, the same could be said for only 25% of consumers 65 and older. Three quarters (76%) of those 18-24 also say that they are more likely to discover a product through social media than any other way.
Consumer trust and confidence in their purchases rely strongly on user-generated content: 78% of shoppers feel more confident in a purchase when they view UGC, and 35% say they are relying more on this type of content in the downturn to make the right purchases. Nearly 3 in 4 (74%) say they trust UGC more than brand-provided content on product description pages, and 55% claim they are unlikely to buy a product without shopper content to inform their decision.
“This year’s study underscores the economic impact of shoppers’ behaviors profoundly,” said Zarina Lam Stanford, CMO at Bazaarvoice. “As consumers around the world continue to rely on fellow shoppers for advice, and social media as their first source for product discoveries, purchases, and even brand loyalty, it is high time for product and brand practitioners to reassess our content and channel strategies to heighten shopper engagement and decisions.”
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