Cost-cutting Brits

As the nation is still feeling the pinch, it seems that Brits are willing to negotiate better deals in order to save cash. The country is now full of savvy shoppers that simply refuse to pay full price.

Top five things they’re prepared to haggle for

Whether it’s on a car or clothes, furniture, or a mobile phone, a survey of 2,000 adults found that over half have haggled with retailers to get a discount. What’s more, GoCompare.com found that nine out of ten times, those that haggled managed to get something in return. 

This latest research backs up previous findings that suggested over half of adults were more likely to haggle on an advertised price now than they were in 2011.
Some of the time people got the money off they wanted, but in some cases freebies were thrown in by the supplier to seal the deal.

As well as a third of hagglers saying they do it to save money, more than a third of people (37%) said that it was a buyer’s market.

However, despite many being willing to ask for money off, one in ten said they wouldn’t because it made them look cheap and 32% are too embarrassed to barter with the retailers.

While few of us would be willing to question the price of a pint of milk, we are far more willing to haggle on the price of more expensive items, such as cars and furniture.
The survey found that the top five haggle-friendly items were:

1. Car or motorbike (34%)

2. Electrical goods and gadgets (30%)

3. Furniture (28%)

4. Mobile phone (26%)

5. Carpet or flooring (25%)

Claire Peate, customer insight manager commented on the findings: “Our survey suggests that in the current tough economic climate, many people are putting aside their British inhibitions and are successfully haggling for an array of products and services.”

The survey also asked just how hagglers managed to bag themselves some serious discounts. For those that are keen to keep costs down when shopping, here are some of the most successful approaches.

Be prepared to walk away
More than half (55%) said that they were happy to walk away from the sale in order to negotiate the right deal.

Ask about faults

Another top tip is to question the seller about any minor faults. You might not mind that the product you’re buying is ex-display, but those small marks could warrant a significant discount. A lot of the time, you won’t get it unless you ask, which 51% of people do.

Pay with cash

The way we pay for things is changing. Most of us opt to pay with our debit cards these days, but with online payments via PayPal, contactless mobile phone payments becoming more popular, retailers may end up paying the price. Cash is simple and costs the retailers absolutely nothing, so join the 45% that use their banknotes to get a cut-price.

Multi-buy discounts

Are you buying more than one item? If so, the retailers might be willing to knock off a bit for you. Around 44% of people are willing to haggle on the total price if they’re buying several items from the same retailer.

Do your research

They say that knowledge is power. By knowing the product you’re interested in, you can do some research to find out prices from other retailers. Once you’re armed with some information, you’re able to suggest a fairer price. This tactic is favoured by 39% of the adults in the survey – give it a try.

Ms Peate also said, “Like any other successful negotiation, being prepared and doing your homework is the key to success and, thanks to the internet, it’s never been easier to compare products and prices to hunt down the best deals.  And, you might be surprised by how many retailers and service suppliers are prepared to make you an offer to keep your custom.”

If the thought of popping into the supermarket and haggling over the price still fills you with dread, there are some places that you might find more luck.

It was found that a car boot sale was the most likely (66%) place to get a discount, but market stalls weren’t far behind (62%). You’re also more likely to bag a bargain if you shop at an independent retailer (53%) rather than a national or regional chain (19% & 17%), according to the research.

In an improving economic climate, it is still important that consumers are getting value for money. It’s worth exploring alternative ideas, such as haggling, to really cut prices and start to make savings.

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Posted by: Jessica Odell Categories: Finance Comments Off on Cost-cutting Brits

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