Price remains a sticking point, even in the wake of the recession

The Farnsworth Group has been tracking consumer behaviors throughout the economic downturn. Unsurprisingly for many retailers, its findings suggest that though the recession has passed, the customer’s price-driven shopping habits have not.



In a June webinar, titled “Shifting Perceptions Toward Price: How Price Impacts Your Customers’ Shopping Behavior,” Farnsworth explained that price has always been important, though it has gained importance in relation to other attributes since 2008. In that year, 75% of consumers said price was among the top factors driving their store choice, with 77% naming convenient location. In 2013, 83% named price, and 70% chalked one up to location.



“What we’ve begun to see since the recession is that price took on a higher ratio of importance in relation to other dynamics,” said president

Brad Farnsworth. “We are seeing some of those come back, although price is remaining stubbornly high as the critical start point.”



Additionally, pro consumers are also more focused on price, but are more concerned with “competitive pricing” rather than the “lowest price.” This is a key differentiator from the consumer.