PwC study highlights changing consumer trends

Value continues to be an important driver for Canadian shoppers according to a new consumer behavior survey released by Price Waterhouse Cooper (PwC). The 2016 Total Retail study surveyed 23,000 respondents in 25 countries, with 1,000 Canadians taking part.

Among Canadian shoppers, 66% indicated that price was an important factor for them when choosing their favourite retailers. But while many consumers look for well-priced goods, the PwC study also found that supporting local businesses is important to Canadians. When asked what would increase their preference for buying from a local neighbourhood retailer, “36% mentioned the retailer boosting local employment while 34% mentioned locally produced goods,” according to the study. Other factors include helpful store personnel (29%), better service after purchase (27%) and personalized service (25%).

Other Key Insights from the PwC Total Retail study:

  • Social media Influence: Almost 40% of Canadian consumers say that reading product reviews, peer reviews or feedback on social media has an influence on their shopping behaviour. Furthermore, almost 40% of consumers under the age of 34 say that interactions brands on social media have driven them to respect and value those brands more.
  • Creating community through loyalty programs: 95% of Canadian consumers are members of loyalty or rewards programs.
  • Mobile as a shopping tool: Tech-savy consumers use their mobile devices to access store coupons, compare prices with competitors, research products and read reviews.
  • Top products customers research online: 66% of Canadian shoppers research consumer electronics and computers online; 63% research books, music, movies and video games; and 53% research household appliances.

Click here view the complete Canadian Total Retail Report