85% Say Price Needs to Be Right Before They Shop
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.
That’s according to The NPD Group, whose monthly Economy Tracker finds that in its mid-March survey, 85 percent of U.S. consumers say price will be an “extremely important/important” factor in deciding where to shop in the near future, 10 percent more than those who feel sales and special deals are important.
By income, 87 percent of those in the household income bracket of $25,000 to $50,000 selected price as extremely important or important, 85 percent in the $50,000 to $100,000 income bracket, and 82 percent in the $100,000-plus bracket. Seventy-nine percent of young adults age 18 to 34, 86 percent of 35- to 44 year-olds, 88 percent of 45- to 54 year-olds, 89 percent of 55- to 64 year-olds and 86 percent of those 65 and older said that price was extremely important or important.