News release
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Andrea Budd
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andrea.budd@uk.experian.com Email
British more willing than ever to haggle over prices
Over half the population are more prepared to drive a hard bargain
Nottingham, UK, 3 September 2008 - In light of the credit crunch, more British adults are choosing to haggle over the price of goods such as cars and televisions. However, many are still not prepared to negotiate over financial products, according to new research by CreditExpert.co.uk.
Driven by fears of an economic downturn and amid the rising cost of everyday goods and services, more than half (57 per cent) of British adults said they were more likely to try and negotiate a discount now than they were twelve months ago.
The research investigated the situations in which British adults would feel comfortable negotiating prices and found that almost half of those questioned (47 per cent) would be prepared to ask retailers for a better deal. However, people are far less comfortable negotiating for a better deal on a loan or financial product, with only 16 per cent prepared to give it a go.
Jim Hodgkins, Managing Director, CreditExpert.co.uk, commented: “The credit crunch appears to be having a significant effect on our haggling behaviour and as our wallets feel the pinch, we are less willing to settle for the advertised price.
“As many people don’t understand financial products in the same way they do consumer goods, they lack the confidence and know-how to be able to get a better deal. Reviewing and understanding your credit status can put you in a stronger position as lenders will sometimes give the top rates and deals to those with the best credit ratings.”
Based on a survey of 1,040 adults which looked at negotiation behaviour and changes in haggling skills in the last year, the results reveal that:
- Men are better at haggling – the average woman saved £217 on a single product by bargaining, but men saved an average of £343 each
- More than a third (38 per cent) of those questioned had successfully negotiated a better price for a new car and 60 per cent admitted to feeling comfortable asking for a better deal on home entertainment products, such as a TV or stereo, from a technology retailer
- More than three quarters (77 per cent) of the population believe that confidence is key to walking away with a better deal
- More than half (57 per cent) of those questioned consider themselves good at getting a bargain or negotiating for a better price
Most confident negotiators in Eastern England:
Those living in Eastern England have the best negotiating skills and are willing to put them into practice with 66 per cent claiming that they have great negotiating skills and 67 per cent are more willing now than 12 months ago to try to get a bargain - 10 per cent higher than the national average.
Those living in the North East of England are not as successful when it comes to haggling for goods. While 87 per cent of those living in the North East believe that confidence is the key to getting a bargain, they are not as willing to attempt to negotiate. More than a third (38 per cent) believe they have poor negotiation skills, two-and-a-half times the national average of 15 per cent.
Over-confident youth:
The young are the most confident when it comes to negotiating, with 63 per cent of 18 to 24-year-olds believing that they are good at haggling. But when questioned further, the research reveals that while they are full of confidence, they are actually the least likely to bargain successfully achieving the lowest average reduction in price for a single product of £171 - £115 less than the national average.
In comparison, the experienced 45 to 54-year-old age group are the most successful negotiators, making an average saving of £362.83 on a single transaction.
Jim Hodgkins adds “Keeping on top of your finances and knowing your credit status can give you confidence when trying to get the best deal on your loan or mortgage, just as knowing about cars and consumer goods is helpful when haggling on the price. At a time of future economic uncertainty it’s more important than ever for people to be optimising their credit payments.”
CreditExpert provides you with a summary of your credit status and alerts you to significant changes on your credit report. You can get your free credit report with a 30-day trial at www.creditexpert.co.uk.
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