Poundland has suggested that it is successfully winning over UK consumers, who are going to “extraordinary lengths” to save money on their weekly shop.
The weak economic outlook has made UK shoppers increasingly price conscious and, according to research sponsored by the pound store, this has had a significant impact on shopping habits.
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The research found that consumers are more likely to shop around today than they were a decade ago. Poundland’s survey revealed that 96% of shoppers will visit up to three different stores a week to “bag a bargain”, whereas ten year’s ago only 46% of shoppers used to spend five minutes comparing prices between stores.
This growing trend to seek value from different retailers is benefiting Poundland, who offers basics – including milk, bread, eggs, ham and cheese – for GBP1 but whose limited assortment means that it is not a “one-stop-shop”.
“Poundland has recently launched its Weekly Essentials Challenge to show shoppers that they can save money by buying weekly shop essentials at their store,” a spokesperson for the retailer told just-food.
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The company declined to comment on whether it expects people to revert to their “one-stop-shop” ways when the economy revives, but insisted that Poundland is well positioned to continue to prosper regardless of the wider economic outlook.
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By GlobalData“If shoppers did resort back to those ways, Poundland will still be successful due to the vast range of products it sells as very competitive prices,” the spokesperson insisted.
