Interesting new study by TD Bank that might bode well for the economy – although I often find that when “everybody” starts doing something, it’s a signal that there’s about to be a correction.
The study also has a few quirks that I find inconsistent with my experience with consumers e.g. millennials are the most brand loyal?
Nevertheless, there’s enough here to provide value. Here are 5 key takeaways:
#1 High spenders ($2000 or more) are more tech savvy.
- They’re more likely to do their research on social media and blogs (32% compared with 21% of shoppers overall).
- They’re also more likely to use retailers’ mobile apps (23% compared with 12% of shoppers overall).
- Big spenders who made a purchase in-store were significantly less likely to buy during their first visit – 23% vs. 40% of all consumers.
Read on below.
#2 Millennials are most likely to shop online; they’re also the most brand loyal(?)
- 41% shop online “all the time” compared to 26% of Gen-Xers and 17% of Boomers.
- 69% “always” or “often” choose the same brand when making a major purchase.
- This is compared with 58% of Gen-Xers and 56% of Boomers.
- Categories where Millennials lead in brand loyalty: electronics/music equipment, Furniture, Jewelry, luxury/high end fashion and accessories, Wearables (google glasses, smartwatch, AI goggles, etc.), Sporting goods/fitness equipment, Outdoor power equipment, Power sports/water sports
#3 Apps are catching on
- 34% frequently use mobile apps when shopping. Top benefits: shop during off hours (52%) exclusive in-app promotions, coupons or discounts (51%) and no lines or crowds (48%).
#4 Brick and Mortar hanging on – barely
- 51% shop in-store “all the time.”
- 66% of those who made a major purchase in-store, asked a sales associate for help
#5 When it comes to retailer selection, they’re looking for:
- Pricing/sales: 89%
- Selection of products/merchandise: 88%
- Free shipping: 79%
- Convenience/seamless purchase experience: 72%
Link to the PR release along with access to the full study here.