How the pandemic created four types of shopper

Person stockpiling during pandemic.

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.

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.

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.

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.

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.

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