Shoppers Continue To Budget For Big Ticket Brands Despite Cost Of Living Crisis
Shoppers are refusing to let the cost-of-living crisis ruin their Christmas, it appears, after sales in big-ticket items increase.
Against market expectations, online marketplace OnBuy has seen a surge in luxury spending. Data shows the eCommerce platform saw a 17% month-on-month increase in GMV in October, which was bolstered by shoppers splashing out on products like games consoles, headphones, tech accessories and air fryers.
One of OnBuy's biggest sellers continues to be the PlayStation 5, with orders of the digital and disc editions, as well as PS5 bundles, jumping by 25%* last month. Other spikes in sales included headphones (28%) and smart watches (50%), while Apple, PlayStation and Samsung were the top performing brands, respectively.
Cas Paton, OnBuy CEO, said:
"Given the economic outlook and the pressure that is being put on household budgets by the cost-of-living crisis, we were surprised to see this rocketing interest in large purchases. It's apparent that shoppers aren't willing to let it ruin their Christmas joy and are making smart buying decisions to make sure they get their Christmas shopping done, without breaking the bank in December.
"That's why we're looking at what we can do to support both our customers and our sellers. We want to make sure they can enjoy all the joy that Christmas brings, which is why we've got lots of exciting presents in the pipeline for both. Be sure to keep your eyes peeled for more exciting news soon!"
As well as grabbing those big-ticket items ready for Christmas, it appears shoppers are still conscious of their soaring energy bills, with purchases reflecting long-term financial planning. Data from OnBuy shows products that could provide long-term energy savings have increased in sales by thousands of per cent.
Among the most popular products sold through OnBuy in October were heated throws, electric heaters, radiator reflectors, clothes airers and draught excluders.
"While we were surprised to see the demand for products like PlayStations, headphones and smart watches, it's not so surprising that we're continuing to see huge interest in energy saving products. Ultimately, what this tells us is that the British buyer is becoming an increasingly savvy spender.”