Price trumps sales and special deals, customer service and convenience as a factor in deciding where to shop for the majority of U.S. consumers, according to a survey by The NPD Group.
NPD’s The Economy Tracker, a monthly monitor of consumer sentiment about the economy and spending, found that in the most recent survey, 85% of U.S. consumers said that price will be an extremely important/important factor in deciding where to shop in the near future, 10% more than those who feel sales and special deals are extremely important/important.
By income, 87% of those in the household income bracket of $25,000 to $50,000 selected price as extremely important/important, 85% in the $50,000 to $100,000 income bracket, and 82% in the $100,000-plus bracket.
Seventy-nine percent of young adults, 18 to 34, 86% of 35- to 44-year-olds, 88% of 45- to 54-year-olds, 89% of 55- to 64-year-olds and 86% of 65 and older said that price was extremely important/important.
“Shoppers are now savvier when spending money. They have new ways of gauging the marketplace -- they can compare prices on the Web while at home or while standing in a brick-and-mortar store with their smartphones,” said John Deputato, senior VP advanced analytics at NPD. “We certainly have moved to a time of calculated consumption for shoppers … and price has come to the forefront of the purchase decision.”