Consumers Making Faster Decisions on Major Purchases
More shoppers are researching large purchases online and making decisions faster, according to Synchrony Financial’s 5th Annual Major Purchase Consumer Study.
The study, which surveyed 2,775 respondents, found 85% of shoppers are doing their research online–up from 80% last year–and using multiple resources. 68% visited retailer’s websites, more than 60% used search engines, over half used manufacturer’s sites, and 40% used aggregators to compare products and reviews.
Consumers are spending less time researching major purchases, defined as items costing $500 or more. From start to finish, customers are spending 63 days on average researching their purchases, down from 68 days in 2015.
Other key findings include:
- 70% of shoppers visited the store after online research, and 28% used their mobile device while in the store. Most major purchases (82%) are still being made in-store.
- Financing was an important consideration when choosing a merchant. One-third of shoppers researched financing options, and 60% decided on payment before making a purchase. Nearly half of all shoppers said they would have not made the purchase or gone to another retailer if financing wasn’t available.
- Online purchase rose to 18% from 13%, driven by product availability, better deals and convenience. The top online purchase categories include music (65%), fitness equipment (46%) and electronics (37%).
“Major purchase shoppers are seeking maximum value in minimal time, taking a multi-faceted approach to navigate information and narrow options,” said Bart Schaller, EVP and chief marketing officer at Synchrony Financial. “Although shoppers are more decisive, they remain cautious about spending and carefully consider where to buy based on deal, product and financing availability.”