In many Canadian cities, the U.S. border is just a hop, skip, and a jump away. This makes the prospect of shopping stateside and enjoying potential deals enticing. And many people act on that to save a few bucks. But according to a new survey, Canadians are increasingly recognizing the value in supporting our own economy.

The study, released today by American Express, says that Canadians are not only looking for value in terms of price and quality of a product, but also value in the more personal sense, whether that includes considerations like eco-friendly products, ethically-produced items, or products manufactured or sold from within the country.

"Canadians are increasingly looking for meaning in their purchases," says Retail Consultant Anthony Stokan, partner at Anthony Russell and Associates in Toronto. "People are looking for a closer relationship with what they buy by choosing local products and retailers."

"The savviest spenders in Canada now consider so much more than just cost," adds Jennifer Hawkins, Vice President and General Manager Consumer Products and Partnerships, American Express Canada. "We're seeing a 180-degree turnaround from the last decade where consumption was conspicuous. Now people are buying to make a statement about the kind of world they want to live in."

A change in social norms, says American Express, is resulting in a shift in the way consumers shop and spend. Four key trends have been exhibited. The first is SLEDs, or Supporting Local Economies Through Direct Spending. According to the survey, SLEDs buy to be part of a community; 36% of Canadians report falling into this category, and 47% say that the availability of locally-sourced or locally-made products affects their spending today. Forty-six per cent also say they're more aware of their environmental impact as consumers.

The second trend is V-tailing (Value retailing). Canadians are shopping less, are choosing products that represent value for money, and expect value from brands that align with their own desire for simplicity and ethical living. The majority of those surveyed (76%) describe themselves as cost-conscious; 62% describe themselves as quality-driven; and 46% say they are more conscious of their environmental impact.

SMUGS (Socially-Mobile Ultra-Green Seniors) represent the third trend that sits exclusively in the 55-to-64-year-old demographic. They value individual freedom, and seek luxury and new experiences. Almost one in 10 (87%) of them make luxury purchases; and 54% say being able to access the Internet nearly everywhere impacts their shopping habits.

Representing the 18-34 category are Re(n)tail consumers, who are choosing to downsize and simplify their possessions, "experiencing" products and services rather than owning them. Almost half (48%) say they think very carefully about what they buy; and 32% think long and hard before spending money. More than half (57%) say they shop for things they 'need,' versus 37% who say they shop for things they 'want.' these shoppers, says the survey, will gravitate towards businesses that offer the chance to make a smaller investment, such as "cost per wear" or "cost per use" options.

The study was commissioned by American Express and conducted by Future:Poll, the research division of The Future Laboratory. 1,000 respondents aged 18 to 65+ years old were polled.

Photo: www.freedigitalphotos.net

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