A new survey conducted by Shoppercentric has revealed that 75% of all UK shoppers believe good value means paying more than the lowest possible price.
More than 1,074 adults took part in the survey, 28% of which perceived "good value" as "getting the most for the money I planned to spend." More than a fifth hoped to obtain the "right quality" of product without stretching their budget, while 25% argued the "low or lowest price" was constitutive of excellent value.
Four customer groups were identified by the survey, the first of which emphasised the importance of "fair price and quality", making up 34% of the sample. A further 23% said they looked for "the lowest price for the best quality I can afford." Elsewhere, the survey identified a 22% portion of "holistic value seekers", those who adopted a more flexible view depending on what they were buying.
The final 21% of consumers fell into a "pile it high" category, with decisions primarily motivated by balancing quantity and value, such as defining cost per weight of an item.
In terms of deals, buy one get one free ranked more attractive with 76% favouring it, down from 79% in 2009. Money off single purchases logged 66% and 'three for two' deals grabbed the favour of 50% of respondents.
In contrast, the proportion of participants using coupons grew from 47% to 53% since 2009, and the uptake of loyal card offers also went up from 45% to 48%.
Tesco came out top as the major retailer who consumers identified most with value, scoring 42%. However, the retailer registered just 22% in terms of product quality.