Trends in retail pricing: A consumer perspective

Trends in retail pricing: A consumer perspective

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Article ID: iaor20171346
Volume: 16
Issue: 2
Start Page Number: 174
End Page Number: 200
Publication Date: Apr 2017
Journal: J Revenue Pricing Manag
Authors: , ,
Keywords: marketing, management, economics, behaviour, statistics: empirical
Abstract:

The Global Financial Crisis has brought about considerable change in consumer behaviour, from increased price sensitivity to the use of price comparison websites. This article goes beyond the surface and identifies 10 consumer behavioural patterns that are occurring now and moving into the future. The pattern of trends, which will impact upon everything from branding to strategy, are: mobile living, price sensitivity, gamification of price, pricing inefficiency, big data and promotions, concierge living, is loyalty dead, discounting forever, managing complexity, and choice and maximising behaviour. Each pattern of behaviour is robustly explained and supported by empirical evidence provided by the Future Foundation. The article concludes with four predictions that the patterns are driving namely, loyalty, temporary permanence, deals and value.

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