A survey of 9,000 consumers revealed:
- 61.7% said the economy will affect their spending
(declined from 65.3%)
- 41.8% said sales or discounts are "the most important factor in their purchasing decision"
(declined from 43.3%)
- 5.3% said customer service is a "more important factor"
(increased from 4.4%)
- 12.7% said "merchandise quality" is also very important
(increased from 11.8%)
- 57.1% said they will "self-indulging," shopping for themselves
(increased from 52.9% )
- 65.1% said they will doing their holiday shopping at discount stores
(decreased from 70.1%)
Overall, the survey shows that this year consumers will be more lenient with their pocket books when the holidays come around. What does this mean for retailers? Retailers will definitely see a boost in profits from holiday shopping traffic, but they will also have to be creative in attracting consumers to shop. More focus will have to be put on the consumers and their wants because more consumers are valuing quality customer service. Quality control is also something retailers will have to consider.
Although many consumers say they will be shopping at discount stores and that discounts are the most important factor in the decision to spend, there has been a significant drop in the number who will be shopping at these discount stores. Discounters will face competition with more expensive stores to attract consumers to their stores, especially with the increase in the number of consumers who want to "self-indulge" this holiday season. Advertising good product quality and good customer service could be a way to lure consumers.
The survey also shows that people are slowly recovering from the economic downturn. It may be getting closer to the time in which consumers return to "normal" spending habits.
http://online.wsj.com/article/BT-CO-20101019-707102.html
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