Study finds US consumers rarely pay full price
It’s no surprise that consumers love a good deal, but a new study has unveiled that consumers expect a deal every time they shop and are less willing to pay full price unless they absolutely have to.
A U.S. study conducted by First Insight, a predictive analytics technology company, revealed that in the Baby Boomer generational segment, 76% of customers look for a discount. Millennials were less influenced by discounts but still drawn to them. 40% of Millennials stated they would not buy an item at full price.
“The results of this survey indicate that the rampant discounting that has become the norm in department stores and mass merchants have had a clear impact on consumers and the way they now consider purchases in every aspect of their lives,” said Greg Petro, CEO, and Founder of First Insight.
Across categories, from home electronics to automobiles, the study found that a vast majority of Baby Boomers and Gen-Xers are especially averse to purchasing at full price, with results indicating that Millennials were somewhat less influenced by discounts overall. "This is an incredibly useful finding, and retailers need to be aware of these shifting expectations within their target audiences in order to compete, while still maximizing profits and sales. It’s a delicate balance,” said Petro.
In the Baby Boomers segment, 70% of shoppers said they would absolutely not purchase an item at full price. Baby Boomers are hesitant to purchase tech or electronics without a discount – 79% said a product must be discounted before they swipe their card.
Millennials weren’t as hesitant to spend: for larger purchases, like vehicles, appliances, or technology, 39% of Millennials said they wouldn’t purchase an item unless it was discounted.
The study analyzed the shopping habits, purchase behaviors, and discount expectations of 750 consumers of varying ages and genders.
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