Part of the fun of shopping is the thrill of the chase and 59% of global respondents say they enjoy taking the time to find bargains. This is a particularly strong motivator in North America (68%) and Latin America (64%). In Taiwan, close to two-third (64%) of respondents say they enjoy shopping for groceries and taking time to find bargains both. Consumers are addicted to a good deal, which might be that retailers and manufacturers have conditioned shoppers to buy on deal.
“While intense promotional activities among retailers and manufacturers have created an expectation among consumers that low prices should be the norm, others are recalibrating their spending—and increasingly, the value is about more than the lowest price,” said Terri Kang, Director of Retailer & e-Commerce Vertical, Nielsen Taiwan. “Consumers are often willing to pay more if they consider the benefits outweigh the price. To keep shoppers coming back, brands must exceed shoppers’ expectations and convincingly demonstrate that the higher price is truly justified.”
The Nielsen Global Retail Growth Strategies Survey polls more than 30,000 online respondents in 61 countries to understand the pain and the pleasure points about the shopping experience. The survey also examines how well retailers are currently meeting consumers’ needs and why consumers choose one store over another. Meanwhile, a selection of 19 product categories is reviewed for determining the product attributes that are the most important. After that, observations on consumers’ willingness to use additional in-store services and their preferred approach to dealing with price increasing are conducted to identify areas for development or improvement.
In many places, retailers that are winning are positioned at opposite ends of the price spectrum. While many consumers remain price conscious, driving growth in value channels, some consumers are trading for what they perceive to be additional values and qualities; such a phenomenon is also seen in Taiwan.
For more details, please click "download" to get a copy of "Taiwan Retail