How the pandemic created four types of shopper
![Person stockpiling during pandemic.](https://cdn.mozo.com.au/images/atwood/10662/pandemic_shopper_content.jpg)
The Coronavirus pandemic is still affecting every inch of our lives. From where we go to what we read and even how we shop, so much has changed.
According to a report from Deloitte, four distinctively different types of shopper have emerged over the past few months. Aiming to understand how the pandemic has affected people financially, Deloitte’s State of the Consumer Tracker report surveys ten different countries, including Australia and is updated every few weeks.
The question is what type of shopper are you? Has the pandemic changed the way you spend money, or are you truckin’ along pretty much the same as before? Which one of these four shopper profiles fits you best?
1. The stockpiler
![Person stockpiling toilet rolls.](https://cdn.mozo.com.au/images/atwood/10662/stockpiler_pandemic_content.jpg)
Remember March, when the world closed for business and everyone started panicking about not having enough toilet paper?
March was when the stockpiler consumer first emerged Down Under. Toilet rolls, canned goods, fruit and vegetables were rapidly disappearing off the shelves and everyone was worried that there wouldn’t be enough to go around. We’ve all calmed down a little since then, but that doesn’t mean some of us aren’t still buying a little more than we need to. In fact, according to Deloitte, the number of Aussies stockpiling has actually gone up again in the past few weeks, to around 34% of the population.
Our tip: Just make sure what you’re buying is something you need. For example, if you buy a lot of perishable food that you don’t usually use in meals, you might wind up throwing it away, which would be a waste of both your hard earned money and resources.
2. The bargain hunter
![Supermarket aisle with discounts.](https://cdn.mozo.com.au/images/atwood/10662/bargain_hunter_content.jpg)
According to recent statistics from Roy Morgan, unemployment went down slightly in June, but under-employment went up. Around 37,000 more people were under-employed in June than in May, making for a total of 1.41 million people not working to their full capacity.
With all this in mind, it’s no wonder 44% of Aussies have become bargain hunters. Deloitte’s research shows that Aussies will be cutting back on discretionary stuff like alcohol, clothes, books, electronics and takeaway in the next four weeks. Instead, keeping their money for essentials, such as medicine, groceries and utility bills.
Now, of course, bargain hunting is all well and good, but you still have to be savvy about it. Not all deals are actually money-savers. For instance, if a discount persuades you to purchase something you don’t actually need, then you’re pretty much just spending money unnecessarily. Or, if there’s a deal like ‘two for $10’, but you only really need one, then you’ll just wind up spending a little bit more than needed. The point is to be a little wise about what you’re spending and not be drawn in to seemingly great bargains.
3. The socially conscious shopper
![Person holding box of seasonal vegetables.](https://cdn.mozo.com.au/images/atwood/10662/seasonal_veg_content.jpg)
There hasn’t been a global health crisis this big since The Spanish Flu and that was over one hundred years ago. As per every second email in your inbox, we really are living in unprecedented times.
This is where the socially conscious shopper comes in. After the stock piling frenzy in March, April saw more and more people looking out for one another. #Kindnesspandemic was trending on Twitter and support for small, local businesses was everywhere. In fact, according to Pureprofile’s Covid-19 Insights report, 55% of people felt more compelled to show kindness to others.
It would seem that this type of shopper wasn’t just a one time thing either. Deloitte found that a whopping 48% of Aussies intend to prioritise buying local over the next four weeks, even if it costs a little more.
4. The convenience seeker
![Person lying on the sofa, shopping online.](https://cdn.mozo.com.au/images/atwood/10662/convenience_content.jpg)
Last of all, Deloitte found that 41% of people are more likely to buy something if it is more convenient. Hey look, we’re living through a pandemic, who doesn’t want a little convenience every now and again?
According to the survey, this type of shopper is alright with spending a little more on something, for the sake of convenience. Now convenience is a totally valid way to shop. It helps to ease the mind a little and you don’t have to think about it too much. The only thing to be aware of is whether or not you’re still hitting your savings goals.
If convenience is causing you to break your budget, then you might want to either rethink your spending a little or rethink how much you want to save. It may even be just a question of finding a savings account that works harder for you.
At the moment interest rates on savings accounts are far from equal. The average savings rate in the Mozo database is currently well under 1.00% p.a., whereas the highest rate is twice that much at around 2.00% p.a.^
Feeling inspired to nab a more competitive interest rate for your stash? Head to Mozo’s compare savings accounts page, or check out the interest rates on offer below.
^Correct as of Tuesday 21st July 2020.
Compare savings accounts
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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Reward Saver Account
5.25% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
CompareCompareReward Saver Account
Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
-
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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^See information about the Mozo Experts Choice Savings Account Awards
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