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December 2, 2013

Sage Pay predicts over £500m online spending on Cyber Monday

A study by a retail psychologist identifies specific types of shoppers and their habits.

By Kate Heslop

According to research by Sage Pay, this Monday will see more online transactions than ever before with UK customers predicted to spend more than £500m.

Sage Pay launched the findings of a study by retail psychologist Dr Tomas Chamorro-Premuzic into the psychology and behaviour of UK consumers. The report identifies eight specific types of shopper, each with their own traits and behaviours that impact the way consumers browse, make purchasing decisions, and process transactions.

The study uncovers the psychology behind how customers interact with shopping environments, choose products and prefer to pay for purchases. The profiles paint a picture of the UK consumer landscape, providing insight into how individuals feel about money, spending, saving, online banking and ecommerce.

The profiles include the Super Maximiser, someone who is tech savvy and hunts for bargains. The Old-School Maximiser prefer sensible presents and spend shrewdly. The Detached Spender isn’t afraid of spending and likes it done quickly. The Carefree Clicker and Cash Flasher see money as something to enjoy and won’t seek a bargain, but the former is more engaged with technology. The Click and Collector likes to use technology for convenience and money managing, the Sanctioned Indulger makes indulgent purchases and the Hunter Gatherer 2.0 enjoys the ‘thrill of the chase’ and loves a bargain hunt.

Simon Black, CEO at Sage Pay said: "With just four weeks until Christmas, most of us will just have been paid, so Cyber Monday is traditionally the day when consumers rush online to do their Christmas shopping. But the way in which people go about this can drastically differ from person to person.

"This study should help them understand the needs and nature of their customers – how they like to shop and how they like to pay. At a time when many local and independent shops are facing stiff competition from big brands and the online marketplace, retailers need to ensure they provide the festive shopping experience customers want."

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