Exploring intentional spending in UK consumers: how have the recent years changed our spending habits?
In a tough economic environment, many homeowners look to make intelligent financial choices without sacrificing quality of life. As the cost of living continues to rise in the UK, individuals are reevaluating their spending habits, choosing to prioritise essential needs and invest in products that serve a long-term purpose. This intentional approach to consumerism not only aligns with ethical and environmental values but also contributes to financial prudence and a more mindful, minimalist lifestyle that goes against the pressures of society to overconsume. Cultural anthropologist Doctor Hannah Gould states, “modern minimalism starts from an analysis that contemporary society is excessive”.
As the market becomes further saturated with added-value claims, it is only natural for consumers to become more sceptical and discerning when it comes to choosing a brand. So, what new behaviours and buying habits have emerged among UK consumers?
Vufold’s recent survey set out to explore what consumers currently prioritise in a brand and find out more about the current attitudes towards spending. Here are our key findings:
Over 90 percent of UK homeowners admit their buying habits have changed over the past three years
With living costs continuing to rise, it is not surprising that homeowners are changing their buying habits. Vufold’s recent 2023 study found that 90 percent of UK consumers admit to having altered their buying habits in recent years:
“Have your buying habits changed over the past three years?”
UK homeowners are also becoming more diligent about tracking purchases, with over 80 percent of respondents admitting to keeping track of the purchases they make throughout the month.
80 percent of homeowners research brands more thoroughly before making a purchase
80 percent of homeowners admit they now do more research into a brand before making a purchase, including putting more consideration into the durability of products and the quality of the supplier. For instance, we discovered that the majority of UK homeowners now consider the longevity and quality of a material when buying a product for the home. When it comes to buying products for the home - 80 percent of homeowners also admit they go for a classic, timeless option that will stand the test of time.
“In recent years, have you started to research brands more thoroughly before making a purchase?”
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The rise in intentional spending has also seen individuals actively seek to support businesses that prioritise responsible sourcing and use sustainable materials. This movement has gained momentum over the past three years, influencing purchasing decisions and prompting consumers to choose products and services that contribute positively to society. Brands that embrace transparency and social responsibility are therefore likely to benefit from this surge in intentional spending. At Vufold, all aluminium products are made predominantly from recycled aluminium, and all wood products are FSC Certified.
Price transparency and online reviews have become particularly important to consumers
Price transparency is becoming increasingly important in providing brand trust, with a recent study finding that 50 percent of consumers are now doing more research to compare prices and products. User-generated content and visual user-generated content — including reviews, star ratings, photos, and videos — now also play a huge role within the buyer’s journey. A 2021 study also found that 90 percent of UK consumers check online reviews before buying from a business. Vufold’s recent research also supports these trends, with over half of UK homeowners admitting they are more likely to trust a brand that is transparent about information such as pricing and reviews.
Quality leads the way
As consumers continue to buy fewer things and intend to keep them for a longer period – we are seeing a rise in buyers placing a high value on durability, craftsmanship, and overall product excellence. This shift suggests a growing recognition that long-lasting, well-made items often prove to be more economical in the long run. This intentional focus on quality extends across various industries, prompting consumers to seek out brands that not only offer superior products but also demonstrate a commitment to providing value through the excellence of their materials and manufacturing processes. In this evolving landscape, businesses are adapting to meet the demand for high-quality goods, recognising that consumers are willing to invest in products that deliver on performance and overall satisfaction.
"Do you focus on durability when making an expensive purchase?"
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How are brands adapting to changing customer demands?
It is becoming increasingly important for brands to show up as authentic, meaningful, and consistent with their image and values. It is also vital that brands are open and honest about key information, such as pricing, product reviews and testimonials, delivery speed, manufacturing, guarantees, and more.
Recognising the growing importance consumers place on authenticity, companies are actively engaging in clear communication about their processes, sourcing, and overall business practices. This transparency not only builds trust but also allows customers to make more informed choices, aligning their values with the brand. This may be through detailed product labelling, sharing behind-the-scenes footage of production facilities, or providing comprehensive information on the origin of raw materials. Find out more about choosing a high-quality brand here.
WHY CHOOSE VUFOLD AS A HIGH-QUALITY FRONT DOOR SUPPLIER?
At Vufold, our front doors offer exceptional energy-saving performance for thermal efficiency, enhanced security and a 10-year guarantee for added peace of mind. Our affordable and transparent pricing and seamless configuration system allow you to install a beautiful, strong, and secure front door in your home within a matter of days. Other benefits of choosing Vufold include:
- Outstanding thermal efficiency
- Enhanced security features
- Durable and strong materials such as aluminium and composite
- An exceptional customer service journey
- Easy installation and maintenance.
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About John Collins
John has built Vufold into a unique online door and window company and has spent 20 years bringing innovative products and designs to fruition, recognising niches in the market and placing them in the likes of Wickes and Travis Perkins, he started Vufold in order to sell them directly. John founded Vufold and has amassed a wealth of experience in product design and development, and in particular timber-based productsRead more about John Collins