Of the surveyed, 75 per cent of the consumers in the United States (US) are value-conscious shoppers as they prefer buying clothes from discount retailers, says a recent study by the National Retail Federation (NRF). Regardless of age or income, virtually everyone wants a bargain whether it’s for everyday necessities or big-ticket splurges.
The survey of more than 3,000 US adults found that 89 per cent said they shop at various types of discount retailers. Of those, 58 per cent reported shopping at dollar stores, 50 per cent at off-price stores like Ross or TJ Maxx, 44 per cent at outlet stores and 36 per cent at thrift stores, according to the latest issue of the quarterly Consumer View report by NRF.
Consumer View is a quarterly report that gauges consumer behaviour and shopping trends related to stores, online channels, customer loyalty, technology and other topics.
"Looking for the best price is a habit that cuts across almost every demographic. Even those who can afford to shop elsewher love finding a 'steal' and it’s a habit that’s here to stay," NRF vice president for research and development and industry analysis Mark Mathews said.
"Off-price and discount shopping took off during the recession as price-conscious consumers looked to save on everything from brand-name goods to everyday household purchases," the report said. "Now, eight years into the economic recovery, consumers continue to hunt for deals and discounts."
Those discount models appeal to consumers across age and income groups, with 89 per cent of those making under $50,000 a year saying they shop at various discount retailers along with 88 per cent of those making between $50,000 and $100,000 and 90 per cent of those making over $100,000. Bargain shoppers include 93 per cent of both millennials (born from 1981 to 1994) and Generation Z (born in 1995 or later) over the age of 18, the report revealed.
The report stated that there are regional differences among value shoppers, with 38 per cent living in the South, 23 percent in the West, 21 percent in the Midwest and 18 percent in the Northeast. They are almost evenly divided among men (47 per cent) and women (53 per cent), and 46 per cent have children.
Value shopping is a way of life for those surveyed, with 43 per cent going to a discount grocer weekly, 66 per cent visiting a dollar store at least twice a month and 58 per cent shopping at an outlet at least once a month. And 63 per cent are buying more items on sale than they did five years ago.
The report said value consumers are 'willing to give up almost anything for the satisfaction of a good bargain,' with three-quarters or more not expecting buy online/pick up in-store, free two-day shipping, product reviews or an entertaining shopping experience. (RR)