20 February 2024 , 20:46
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The cost of living crisis has changed the nation’s priorities and Brits are going out of their way to save money so they can splash out on little luxuries and perk themselves up, according to a new study.
Instead of saving up for big-ticket items, Brits are now finding joy in the small luxuries and hitting ‘add to cart’, with over half (57%), proactively looking to make savings through cheaper own-brand products and everyday essentials so they can snap up little luxuries in that same shop.
Examining this behaviour, consumer psychologist Kate Nightingale believes that this pleasure-seeking approach to shopping and savings is a result of an evolving society as a result of the Cost of Living crisis.
"In a time of economic uncertainty, human behaviour has shifted to focus on short-term rewards to gain a sense of control over our everyday lives", Nightingale said. "When it comes to grocery shopping, we are a nation of ‘Fluxury Shoppers’ - where customers' buying decisions enter a state of flux, saving in one area to spend in another to provide little bits of joy here and there."
Nightingale continued: "Fluxury Shoppers aren’t impulsive, they’re tactical. They make clever choices in their everyday shopping to reallocate their savings to their desired ‘little luxury’. They act as a reward for making clever choices with our everyday shopping habits."
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According to the study nearly half of shoppers (48%) seek out bargains while they shop so they can then buy a treat for themselves, with two out of three people (65%) of people admitting they go out of their way to research the best deals and sniff out a bargain so they can bring their bill down.
"Small wins followed by little rewards are the best combination to motivate us to reinforce the habit. Both small wins and “little luxuries” as rewards are also a brilliant well-being enhancer, often more impactful than big one-off experiences or extravagant purchases. By making small savings and rewarding ourselves with little luxuries, the average shopper gains a wider sense of control over their finances.’’
Laura Harricks at Ocado said "We can all relate to the pride we feel when we’ve been clever with our money and got a great deal on our shopping. Value is incredibly important to Ocado customers, but as the rise of ‘fluxury shopping’ demonstrates, it’s not a one-size-fits-all concept and as a nation we’re being increasingly strategic with how we allocate our weekly shopping spend. With Ocado Price Promise - which price-matches your Ocado shop to the Tesco website on over 10,000 items - Big Price Drop and our own brand range, customers looking for brilliant value basics (and beyond) are well served by Ocado, whether or not they choose to include a little treat or two. They also get a bit of time back too - perhaps the greatest luxury of all!”
These are the top 10 little luxuries (according to Ocado):
- Chilled and hot desserts
- Ice cream
- Confectionery (sweets/chocolate)
- Organic/premium meat (duck, chicken, beef)
- Sparkling wine
- Gin
- Liqueurs
- Whisky
- Skincare
- Vodka