Connect with us

Headlines

Older Shoppers Value In-Store Visits for Major Purchases

In-person interactions still preferred by such consumers buying big-ticket items.

mm

Published

on

Older Shoppers Value In-Store Visits for Major Purchases
PHOTOGRAPHY: Serghei Starus/iStock.com

Older shoppers are returning to physical stores in larger numbers than their younger compatriots, the ninth “Major Purchase Journey” study by Synchrony has found. This year, 74 percent of shoppers aged 65-plus and 71 percent of shoppers aged 55 to 64 purchased in-store, compared with 66 percent and 67 percent, respectively, two years ago. This stands in contrast to shoppers in the 18-to-44 and 45-to-54 age groups, whose in-store purchases remained relatively constant over the past two years.

“Retailers should pay close attention to the trend of older shoppers coming back to physical stores,” said Michael Bopp, EVP, Chief Growth Officer at Synchrony, a consumer financial services firm. “If this behavior continues, retailers may want to consider everything from product mix to store layouts to welcome these customers.”

The study also found that 5 percent more people are obtaining financing for large purchases. Half of survey respondents said that recent price increases have led them to seek financing options and 66 percent agreed that financing makes larger purchases more affordable.

A biennial report on the latest consumer spending trends, the Synchrony study surveyed 3602 individuals who made a purchase of $500 or more in the past six months. The survey covered such categories as furniture, electronics, jewelry, appliances, flooring, home improvement and automotive.

Click here for more from the study.

Advertisement

SPONSORED VIDEO

Meet the Next Generation of Smart Glasses

Ray-Ban Meta is now available with a full range of lenses, as a complete pair or edged lens. Prescription orders eligible through select insurance providers, including Eyemed and private pay. The Ray-Ban Meta collection combines iconic design with cutting-edge technology. Capture life’s best moments and livestream to Facebook and Instagram with an upgraded 12 MP camera and five-mic system. Stay connected with hands-free calls and messages. Listen to your favorite tracks through built-in speakers. Spark your creativity, get information and control your glasses with your voice – powered by Meta AI. All while keeping your phone in your pocket. For more information, visit here.

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Advertisement

Most Popular