NPD Reports Consumers Put ‘Comparison Shopping’ and ‘Value’ at the Top of Their Holiday Lists NPD Reports
The NPD Group, Inc., a leading market research company, released some additional results from its eighth annual study of consumers’ holiday spending intentions for Holiday 2009.
Port Washington, NY (Vocus/PRWEB ) November 17, 2009 -– The NPD Group, Inc., a leading market research company, released some additional results from its eighth annual study of consumers’ holiday spending intentions for Holiday 2009.
As previously reported, this year 30 percent of consumers surveyed told NPD they ‘plan to spend less,’ this holiday. Yet, despite this overall drop in spending intentions, consumers will shop this year and holiday gifts will be purchased, but how will they get their shopping done?
“All of our indications suggest that consumers will shop but be more cautious in their approach.” said Marshal Cohen, chief industry analyst, The NPD Group, Inc. “The study’s results show consumers will be doing their homework a bit more carefully this year.”
This year’s holiday study reports that almost half of consumers said they would comparison shop they buy. “That 45 percent is at a five year high,” noted Cohen.
While consumers will still be using the tried-and-true ways to comparison shop, like catalogs and television ads, this year they tell NPD that ‘online research’ is the primary way they plan to do their ‘homework’ before they shop.
Once they do their research, consumers tell NPD that value will be the primary influence on where they will do their shopping this year. Sixty-two percent of consumers tell NPD that “Overall value for the price,” making that the top reason to shop in a particular place this year.
This year 41 percent of consumers tell NPD they plan to start their shopping during Thanksgiving weekend or later. “Consumers have come to expect deeper and deeper discounts as the holiday season wears on. And they have also come to expect that the products they want will be available whenever they get around to purchasing them. I’m not so sure that will work in their favor this year.” said Cohen.
“This year retailers are carrying less inventory and the products that consumers really want may just run low or even be out of stock in some stores,” said Cohen, “If consumers wait too long expecting bigger discounts they may just be surprised to find that the item they want won’t be there. It will be the informed consumers that will find what they want, buy early and on sale.”
“I do think the gift of the leaner inventory may be the ‘gift that keeps on giving’ to retailers this year.” observed Cohen, “One of the primary things retailers need to do is to wean consumers from the expectation of deeper and deeper discounts as the holiday season
unfolds. This process of “discount detox” (weaning the consumer off the deep discounts) is critical in getting retailers to return to being profitable again.”
About The NPD Group, Inc.
The NPD Group is the leading provider of reliable and comprehensive consumer and retail information for a wide range of industries. Today, more than 1,700 manufacturers, retailers, and service companies rely on NPD to help them drive critical business decisions at the global, national, and local market levels. NPD helps our clients to identify new business opportunities and guide product development, marketing, sales, merchandising, and other functions. Information is available for the following industry sectors: automotive, beauty, commercial technology, consumer technology, entertainment, fashion, food and beverage, foodservice, home, office supplies, software, sports, toys, and wireless. For more information, contact us, visit http://www.npd.com/, or follow us Twitter at https://twitter.com/npdgroup.
Contact:
Beth Boyle
The NPD Group, Inc.
516-625-4603
beth.boyle (at) npd (dot) com
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