The TWC Trends – Savvy Shopping report supports the theory of a “K” shaped economic recovery after the pandemic, with younger shoppers struggling financially, while boomers (55 and over) are more likely to be comfortable.
The report found that older shoppers look for deals less regularly than younger ones, with millennials (25 and over) most likely to look for bargains against only 29% of those over 55.
The survey highlights the lower uptake of loyalty schemes for younger consumers.
Despite this, that group is more comfortable for businesses to collect their data in order to give them personalised offers.
Sarah Coleman, communications director at TWC, said: “Given that younger shoppers are more likely to be struggling financially and are also more likely to be hunting for deals, surely there is an opportunity to create a loyalty proposition that resonates with these consumers.
“Of course, one of the main benefits of loyalty schemes is the data that can be collected in exchange for exclusive offers or benefits.
“Interestingly, our research showed that over half of UK adults are happy for businesses to collect data about their spending and purchasing habits in exchange for better personalisation of offers.
“This is particularly true of younger consumers, with two-thirds of 18–34-year-olds agreeing with this statement.
“Understanding the purchasing behaviour of these shoppers is critical but their loyalty is not likely to be easily won, so there must be clear benefits for participating.”