CHICAGO, Dec. 3, 2010 /PRNewswire/ -- The DDB Life Style Study®, the nation's largest and longest-running annual consumer survey, reveals that while most consumers today are budget conscious, they are also focused on value more than on price, ultimately asking themselves, "What's in it for me?"
Even as the economic downturn has undeniably created widespread frugality among Americans, the new study uncovers pockets of opportunity for marketers as they enter the holiday shopping season. While 54% of Americans claim not to buy anything unless it's the best deal they can get, a majority of people are still willing to pay higher prices if they feel they are receiving added value. For instance:
- 54% of people surveyed say they are willing to pay higher prices at places that offer better customer service
- 60% are always more concerned about the quality of a product than the price
Furthermore, a substantial portion of the population continues to value time over money; 41% always choose products that save time and hassles, even if they cost more.
"What we're seeing is that people are increasingly valuing their purchases based on convenience, happiness, good works and even memories," said James Lou, Chief Strategy Officer, DDB U.S. "This is especially significant for retailers and marketers as the masses head out to begin their holiday shopping. We've always known that customer service is important, for instance, but clearly marketers can no longer afford not to make it a priority."
The study also reveals opportunities for retailers and marketers that have not traditionally been top-of-mind when it comes to holiday shopping. Sixty-nine percent of consumers say they consciously make an effort to support local merchants, and nearly 50% of adults said they would prefer an experiential gift (i.e., tickets to a movie, concert or other event) to a material item.
"Interestingly, this potentially opens the holiday shopping season to certain niche and service-oriented businesses that have traditionally been less active this time of year," added Lou.
There may also be good news for the luxury sector this season as 47% of respondents claim that they try to save on everyday items so that they can buy more expensive things they want.
DDB Worldwide Communications Group Inc (www.ddb.com) ranks among the top five consolidated advertising and marketing services global networks, according to Advertising Age. Consistently one of the most awarded networks globally for creative excellence, DDB was Campaign's 2009 Global Network of the Year, the 2010 Spikes Asia Network of the Year, and captured both the Cyber Grand Prix and Film Craft Grand Prix at the 2010 International Advertising Festival in Cannes. With more than 200 offices in over 90 countries, the DDB Group helps grow the value and influence of leading brands around the world. We believe that creativity is the most powerful force in business, allowing us to develop the ideas that people want to play with, participate in and pass along. We call this Social Creativity. DDB Worldwide is part of Omnicom Group Inc. (OMC).
SOURCE DDB Worldwide Communications Group Inc