Study released today: Businesses need to do more to support consumers through cost-of-living crisis

Trustpilot

Melbourne, Australia – 2 December, 2022 – Global review platform Trustpilot has today released new research highlighting that retailers could do more to help, with more than three quarters of survey participants (77%) saying they hadn’t experienced any businesses going above and beyond to help with the cost-of-living crisis – whether that’s discounts or free upgrades.

The study also found that cost is the main consideration for Australian shoppers, with 79% citing this as their biggest concern in the wake of the affordability crisis. In addition, 65% consider quality when making a purchase, suggesting consumers are also thinking about saving money in the long term.

67% of the Australians surveyed claimed to be more conscious about what they are spending their money on compared to 12 months ago. Just under half (45%) have cut back spending on fashion purchases and are spending the most on homewares and electronics (78%).

This rise in consumer consciousness is seeing more Australians consult reviews during the purchasing journey, with 59% feeling more pressure to ensure their purchases are worthwhile compared to last year. 50% of those surveyed read between two and six reviews before deciding whether to purchase an item, indicating a need for reassurance and trusted peer advice to help safeguard their spending.

It also emerged that 80% of Australian consumers consider themselves to be ‘savvy shoppers’ – good at finding deals and reliable products with 41% thinking they’ve also become better with handling their money and finances in the past 12 months. 46% of those who felt this way claimed this is out of necessity due to the cost-of-living crisis.

The Trustpilot study, which gathered insights from 2,000 Australians carried out by the global review platform to explore consumer mindsets and to find out what they’re seeking most from brands and businesses in light of inflating living costs.

Cameron Buckley, Regional Director, APAC at Trustpilot, said: “Consumers haven’t stopped spending in the wake of the cost-of-living crisis, but our study does suggest they are being more particular about what they spend their money on. They’re seeking more support and understanding from businesses, value for money and they also want reassurance that what they buy is going to meet their original expectations and last.

“The research also shows us that reviews are playing an important role in helping consumers make good purchase decisions. Online feedback from other customers is helping shoppers to find trustworthy products that are genuine value for money and that meet their needs. Saving time, stress, and more often than not, money too.”

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