Temu survey finds eight in ten people in this country love bargains

Yesterday, the UK National Statistics Office released economic data for December 2023. The data showed that the UK CPI rose by 4% year-on-year, a rebound from 3.9% in November last year. This has led to British consumers becoming increasingly strapped for cash and having to become more frugal.

The results of a survey of more than 2,000 British adults commissioned by Temu coincide with this trend: British people paid great attention to discounts and offers last year.

The survey showed that 84% of Brits actively looked for discounts, offers and cheaper alternatives before shopping last year.

In 2023, the most people chose "good quality and cost-effective products (66%)" and "low-priced/promotional items (60%)"; and 59% of people said that they spent less last Christmas than in previous years.

About 72% of consumers said they have reduced their spending on luxury goods and high-priced goods; the same proportion (72%) said they would spend more on daily necessities; and 76% said they have become more cautious in their consumption.

The survey also shows that in 2023, British people care more about price than style - only 7% of respondents said that they buy goods to keep up with fashion trends. However, 78% of respondents said that buying high-quality and low-priced goods makes people happier than buying high-priced luxury goods.

Temu also found that the British people's "show off" points have also changed. When asked what situations might make them "show off" to others, 28% of respondents chose "most likely to show off is finding a cheaper alternative to the expensive product but equally good (28%)", and 23% chose "finding coupons and discount codes that can enjoy 50% or more discounts."

Another 62% of the respondents said that compared with luxury goods and high-end products, they would rather recommend reasonably priced, high-quality and low-priced goods to their relatives and friends.

In addition, compared with 2022, British consumers are more willing to wait for promotions to buy the products they need and like in 2023. More than a quarter (29%) said that it is "very important" for them to be able to buy cheap and low-priced products in 2023. Another 32% of British people care very much about whether they can find the cheapest clothing and accessories.

Interestingly, 47% of people believe they can get the best value for money on e-commerce platforms (non-food items), which is higher than those who choose supermarkets (25%) and high street chains (8%).

In addition to Temu's survey report, the performance of British discount stores Aldi and Lidl during the Christmas period can also explain something.

Data showed that Aldi's sales exceeded 1.5 billion pounds for the first time in the four weeks ending December 24; Lidl's sales also increased by 12% throughout the Christmas period.

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