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NRF’s Fall 2018 Report Reveals Increase in Value Shopping

Posted by Harrison Friedes on Wed, Jan 16, 2019 @ 08:45 AM

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value shoppingThe Fall 2018 edition of the National Retail Federation’s “Consumer View” focuses on the increase in consumers engaged in value shopping. “Beyond the Bargain Bin: The Rise of the Value-Conscious Shopper” was compiled after the organization surveyed over 3,000 U.S. adults to gather data on their shopping behavior and attitudes.

“Consumers’ choices in terms of where, how and why they buy are redefining retail and creating a new playbook for the industry,” stated the National Retail Federation (NRF). Learning the shifts in the consumers' shopping patterns by demographic breakdown is useful for retailers as they search for new ways to increase sales revenue.

“Consumer View” is a quarterly report by the NRF about its latest findings in consumer behavior.

What is Value Shopping?

Value shopping is defined as purchases that take place in “bargain retailers”, which in this report is defined as dollar stores, off-price stores, discount groceries, outlet stores, and thrift stores.

How Many Consumers Engage in Value Shopping?

value shoppingFor those surveyed, value shopping is a way of life. Sixty-three percent of surveyed shoppers report buying more items on sale than they did five years ago. Value shopping has a broad reach among the U.S. population:

  • 89% of consumers shop at discount retailers such dollar and outlet stores. This does not vary widely by gender, or those with or without kids.
  • Nine out of 10 households that earn $100k or more shop at bargain and discount retailers.
  • 38% of value shoppers live in the south.

Additionally, NRF discovered consumers who value shop are “willing to give up almost anything for the satisfaction of a good bargain,” with three-quarters or more willing to forego online purchases, in-store pickup, product reviews, and an “entertaining” shopping experience.

Where Value Shopping is Practiced by Generation

The report measures for five types of discount places of business consumers frequent. Dollar stores are the most frequented among every generation, with 58 percent participation with “All Value Shoppers” and 70 percent participation with “Gen X”.

Where Value Shopping is Practiced by Generation

 

Dollar Stores

Off-Price Stores

Discount Grocery

Outlet Stores

Thrift Stores

Millennials

60%

58%

54%

52%

39%

Gen X

70%

60%

56%

50%

43%

Baby Boomers

68%

50%

59%

44%

37%

All Value Shoppers

58%

50%

50%

44%

36%

Breakdown of Value Shopper’s Habits Type of Purchase

Also reported are the types of items that consumers are most likely to buy when value shopping.

Breakdown of Value Shopper’s Type of Purchase

 

Clothing

Groceries

Home Décor & Furnishings

Personal Care & Beauty

Electronics

What Value Shoppers Are Most Likely to Buy

75%

71%

62%

60%

52%

Where Consumers Are Most Likely to Buy

Off-Price: 51%

Discount Grocery: 58%

Off-Price: 43%

Dollar Store: 44%

Outlet: 43%

Frequency of Value Shopping Visits by Store Type

value shoppingThe frequency a value shopper visits an establishment varies based on type of business:

  • 40% of customers shop at off-price retailers at least twice a month.
  • 43% take weekly trips to a discount grocery store.
  • 66% shop at dollar stores two times a month.
  • 58% visit outlet or factory stores once a month.
  • 68% shop at consignment or thrift stores once a month.

Retailers Increase Sales Using Check Guarantee

Nearly all of the above store types — clothing, grocery, home furnishings, beauty supply and electronics — accept checks as a payment option. CrossCheck has been providing these merchant categories and many others with Check Guarantee services since 1983.

CrossCheck offers the highest check approval rates in the industry. Retailers use CrossCheck’s Check Guarantee service to help increase sales and mitigate risk while saving time and money because statistics show many consumers still prefer writing checks over using debit or credit cards.

Erase the fear of receiving a bad check and the inconvenience of depositing them through the bank today! To learn more, read our free Check Guarantee guide.

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Tags: National Retail Federation

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