The recession has caused “dramatic” changes in the way consumers spend their money, according to Experian’s Insight Report.
It finds that these changes will have a “significant impact” on brands over the next decade.
The new “promiscuous” consumer is more demanding in regards to the level of service they expect as well as the level of value they get from the purchases they make, according to the report.
More than a quarter (27 per cent) of consumers are more likely to have shopped around for the best deal over six months, while 25 per cent take more time over choosing products. More than 80 per cent claim to be increasingly aware of the price of goods and services. The report found that this is unlikely to change as the economy picks up.
Shoppers are increasingly purchasing products based on service and price, as opposed to brands, with more than half of respondents switching shops in the last year because of poor service, while up to 63 per cent claim to be less loyal to companies than they were previously.
In the next 10 years Experian forecasts that consumer spending growth will slow to around 2.4 per cent a year due to subdued income, unemployment, and a weak housing market.