'Considered Consumer' to become the new norm

“The retail environment is changing more quickly than ever. The digital revolution is having a profound effect on how people shop, and how retailers operate,” explains David Atkins, Chief Executive Officer at retail property specialist Hammerson in its 2014 report, which announces a new era in

retail, “that of the Considered Consumer.”

According the new report, published by Hammerson and retail consultant Conlumino, which studies the evolving shopping habits of UK consumers, the rise of technology has contributed to a overall slowdown of the purchasing process rather than speeding it up. Today's consumers spend nearly twice as long browsing through a retailer's product assortment than they did ten years ago, searching for approximately 90 minutes compared to 50 minutes in 2003.

Browsing is the new buying

Particularly when it comes to purchasing an item of clothing, browsing has given way to become a new form of buying, especially among millennials, those born between the 1980s and 2000s. A recent study conducted by the Intelligence Group for carried out among millennials discovered that half of the respondents visit an online store without any intention of purchasing anything, purely as a way to pass the time.

One third of those questioned for the survey even indicated that they found online browsing to be even more fun than actually purchasing an item and received the same feeling fulfillment when filling virtual shopping baskets and later discarding them before finalizing their purchase as buying. Given the name 'fauxsumerism,' this trend uses e-commerce as a way of entertainment and has impacted the way consumers shop, both online as well as offline.

However it is not only young consumers who pass their time browsing for products. Another study from management consulting firm Accenture, revealed that several older generations, including Baby Boomers and Generation X, also mimic millennials shopping habits. The study found that 40 percent of all three generations search and compare products online before purchasing them in store.

Con

sumers are overwhelmed by channels and choice

“Consumers are not only more considered when it comes to their expenditure, they are also taking significantly more time on the buying process with browsing, researching and comparing taking the lion’s share of consumers’ time and energy,” adds Atkins.

'The Considered Consumer' report also found that pre-thought out purchasing has grown over the past year, whilst impulse shopping has decreased. 49 percent of non-food expenses are now being planned and a third of consumers questioned stated that they are impulse shopping less, which highlights the 'considered' side of shopping habits today.

Today's consumers are also overwhelmed by the ever growing choice of products offered and the number of channels via which they can make their purchase which has led to the shopping process becoming more varied and distinct. The number of apparel stores visited on a regular basis has more than doubled over the past decade, stated the report. Twenty years ago, shoppers would visit on average seven stores for their purchase. In 2014, this average has grown to thirteen, boosted by the entry of new international fashion labels.

Shoppers have also begun to embrace retail multi-channels and the average number of retail channels used during a clothing shopping spree has grown over the past ten years. Over 45 percent of UK consumers use three or four channels, such as online, mobile and store, whilst shopping in comparison to 14 percent a decade ago. The array of channels available for consumers has also increased over the last ten years, with almost 1 out of 2 consumers using three or four channels to shop, compared to 1 or 2 channels in 2002.

“Today’s Considered Consumer holds the balance of power compared to the consumer of ten years ago. Shoppers nowadays can choose the channel they wish to shop with, when they shop, the price they wish to pay and they have a host of destination options. Retailers have to work harder than ever to attract this customer – they need to distinguish their brand and their value proposition and it’s essential to create compelling shopping environments both on and offline if they are to continue appealing to today’s consumer,” concludes Atkins.

Image: Infographics from 'The Considered Consumer' 2014 Report