Shoppers’ priorities shift as cost pressures grow, Shopify study reveals

Rakshnna Pattabiraman

10th Jul 2023

With cost-of-living pressures continuing to mount, 78 per cent of shoppers are prioritising value for money when shopping, says research by Shopify.

The company’s latest Australian Retail Report, conducted in partnership with YouGov, has revealed that consumers’ financial stressors and priorities are evolving in the current economic climate.

Research of 1013 Australian shoppers aged 18 years and older found 93 per cent have changed their priorities during the past three years.

In terms of shopping habits, 75 per cent of respondents said they were cutting down on spending money, with 42 per cent stating they dined out less, 33 per cent choosing cheaper options when buying discretionary goods and 27 per cent buying private label brands.

About 53 per cent of shoppers want consistently low prices and promotions while also being offered high-quality goods (50 per cent) and loyalty points (48 per cent).

With financial and personal priorities, 63 per cent of respondents said they now prioritise health while 56 per cent want to spend more time at home followed by 40 per cent concerned about the cost of groceries and essentials.

James Johnson, director of technology services & enterprise, Apac at Shopify, said: “What we’re seeing is that while, across the board, Australians share some common priorities and challenges, when you dive deeper into the data you find that there are clusters of customers where these diverge.”

• Further reading: Shopify expands service to target retail giants