September 26, 2022
Retail Traffic Trends #95: How are consumer habits changing?
Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
This week we discuss evolving consumer habits and why impulse buys have reached an all-time high in the U.S.
THIS WEEK’S HIGHLIGHTS
- Impulse buys reach new heights: Why consumers are spending more on impulse purchases.
- Evolving consumer habits: consumers are demanding consistently great retail experiences.
- Holiday hiring: Why remote work and quiet quitting may make holiday hiring difficult for retailers.
FOOT TRAFFIC INDEX
Here’s a look at last week’s foot traffic compared to the same time last year.
FOOT TRAFFIC TRENDS
Industry insights so you can convert your foot traffic into more sales.
Evolving consumer habits
Regardless of where consumer habits bring people to shop, whether that be online or in-store, consumers are demanding consistently great retail experiences.
A recent survey by Ris news asked retailers what they think can be done to keep up with the ever-changing consumer habits. Some of the major takeaways included improving inventory visibility, empowering workers with technology, and becoming a master of the return process.
Today, about 30% of all products ordered online are returned, compared with only 8.9% bought in brick-and-mortar stores. According to a Peerless Research Group study, only 32% of retailers have any formal process for managing returns. By managing returns efficiently, you can reduce transportation and labor costs, enabling higher recovery of returned and excess inventory.
Click HERE to learn more about how to keep up with the ever-changing trends.
Impulse buys reach new heights
Even as the cost of living surges and more consumers say they are stretched too thin, they’re also spending more on impulse purchases.
With the help of “revenge shopping”, Americans spend an average of $314 a month on impulse purchases, up from $276 in 2021 and $183 in 2020. In fact, A recent survey by Slickdealsfound that 73% of adults said most of their purchases tend to be spontaneous, and 56% of consumers said that more than half of their online purchases are spontaneous.
Not only has revenge shopping played a role in impulse purchases, but BNPL has played a major role in encouraging consumers to spend more than they can afford on impulse purchases. Almost 50% of shoppers say they wouldn’t have made the same purchase if they didn’t have the option to finance.
Click HERE to learn more about the recent surge in impulse purchases.
Retail Snippets
Retail automation: A quick guide to retail marketing automation and how to make It work for your business.
Report: Halloween retail industry predicts a return to normal.
Holiday hiring: Why remote work and quiet quitting may make holiday hiring difficult for retailers.
RANDOM IRRELEVANCE
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