Synchrony Reports Results of Major Purchase Consumer Study
Stamford, CT, March 19, 2018-Synchrony Financial, which provides consumer financing to flooring and other retailers, recently completed its Fifth Annual Major Purchase Consumer Study.
The study included 2,776 consumers making purchases over $500 and included flooring as one of its 14 product categories.
Overall, the study found that, in 2016, 90% of consumers reported comparing prices/promos to ensure the best prices, a rise of 4% from 2015; 82% wait to make purchases until they get the best deal, up from 76% in 2015; 59% tend to shop at retailers that price match, up from 53% in 2015; and 59% would never pay full price for an item, up from 53% in 2015.
Among the consumers studied, the path to a major purchase started with online research for 85% of consumers, then moves to in-store research for 70%; to social media & reviews (56% consult with friends, 38% check online reviews); to a second store visit for 28%; to researching financing options for 33%; and finally to an in-store purchase for 82%.
Consumers reported spending an average of 67 shopping for flooring, compared to an average of 63 for all categories.