This is a chance for retailers to reach out to the family market by feeding the family for a fiver and offering in-home ‘meal deals’ for parents and kids
Families are more likely to stay at home during the recession, with 69% opting to stay at home and eat home-cooked meals rather than eating out at restaurants, according to figures announced by Buckingham Research today.
The online panel survey, conducted by market research agency Buckingham Research, asked a total of 597 respondents a series of questions regarding their leisure spending habits and how these are changing in light of the recession. Of the respondents who lived with a partner and children, 69% said they would be more likely to stay in over the next 12 months while 30% were just as likely to eat out as they had done previously. Only 1% said they were now less likely to eat home-cooked food instead of going out.
Almost three-quarters (73%) of those families asked said that they would opt for home-cooked food over takeaways, with 1% in disagreement and 26% saying they would continue as before. Respondents were also less likely to spend time in the pub, with 40% of family respondents saying that they would spend more time drinking at home, while 11% were more likely to venture out to the pub in the next 12 months than they had done previously.
Families with children were shown to be more cost-conscious across these activities than single people and couples. 57% of couples and 54% of singles agreed that they would be more likely to eat at home rather than dining out. Roughly the same percentages – 57% of couples and 55% of singles – said they would opt for home-cooked food over a takeaway. Only 31% of couples and 22% of singles said they were more likely to drink alcohol at home rather than going out, while 13% of couples and 24% of single people said they were now more likely to head out to the pub.
In terms of overall household spending across different activities (1000 respondents), results showed:
- 75% of families intend to spend less of their household expenditure on going out to the pub or restaurants, compared to 58% of both couples and single people
- 73% of families said they would spend less on going out to the cinema or theatre, compared to 56% of couples and 57% of singles
- 69% of families intend to cut back on sporting events, compared to 56% of couples and 51% of singles
- 63% of families will cut back on their holidays and travel, compared to 45% of couples and 46% of singles
- 56% of families intend to spend less on in-home entertainment, compared to 47% of couples and 43% of singles
Lucy Pedrick, Research Director at Buckingham Research, commented on the results: “In these tight times, we see more families cutting back on costs than other segments of the population. This is a chance for retailers to reach out to the family market by feeding the family for a fiver and offering in-home ‘meal deals’ for parents and kids. The recession is changing our behaviour as shoppers, making us more likely to shop around for a good deal so the emphasis needs to be on value for money or shoppers are likely to seek out offers elsewhere.”
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Buckingham Research is a market research agency, providing a wide range of research and data modelling solutions. Its clients are world class organisations with whom it has built strong and enduring relationships, based on an individual approach combined with the application of clever tools and techniques. Buckingham Research is an Optimisa plc company.
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