New research from accountants and business advisers BDO Stoy Hayward LLP heralds the emergence of the ‘hypersensitive consumer’ – an individual that is both time and money poor, feels guilty about spending, is less loyal and believes that retailers are privileged to have them in their stores.
The research has shown that the ‘hypersensitive consumer’ refuses to tolerate bad service, with 74%of respondents saying they would not buy and would leave the store if they encountered poor service. A further 71% are happy to look elsewhere for the right bargain; so if the shopping experience isn’t up to scratch consumers will simply move on to a competitor.
Putting further pressure on retailers proves that consumers want their shopping experience to continue improving. Nearly half (48%) said they have increased their expectations in the past two years and they are less likely to buy if any part of the experience is substandard.
Moreover, the ‘hypersensitive consumer’ wants better value from retailers. Nearly half (49%) of consumers agreed that they had less to spend. Yet it’s not all about discounting – as 71% said that they are happy to pay full price to treat themselves.