In order to understand consumers’ behavior we should take into account two main constants: “money” and “time”. Markets are using these constants as a universal currency that divides consumers into 4 major groups.
“If the store is not at a convenient place, I wouldn’t go even if the goods were free. I have to stock food for the trip and take my passport with me. Instead of making money, I will lose so much time that, in the end, the price will be double.”
A focus-group participant
7 out of 10 Sofia residents won’t hunt through shops in order to find the best price;6 out of 10 Sofia residents are willing to pay a little bit more and not waste time shopping.
Finding 1: Surveys, which we carried out, prove that for specific commodities and services, the category “time” is a greater determinant than the category “money”.
Finding 2: Time is a luxury. Products and services that save time or claim to, will entice more and more customers.
Trend: “Stopwatch marketing” will become an increasingly important weapon in the battle for customers. The findings have been proven in two surveys: one for chain stores and one for Internet shop.
