Only 8% of young consumers voice a bad retail experience | Marketing Week
I just received the latest research from Oracle that shows that price is the major factor that determines young consumers’ shopping choices. Obvious perhaps, but interesting when correlating price against choice.
The survey asked over 1,500 consumers, aged 19-23, from the UK, Germany and France about what makes them buy a certain product and well over three-quarters responded that the price was one of the things they found essential.
An equal number of people defined the products available just as important and more than 70% appreciated a wide range of choice. One in three polled focused on the atmosphere in the store and another third agreed on the importance of the brand’s image.
Going to the shops was identified as the favourite way of buying a product, with almost nine out of ten respondents doing so. E-commerce ranked next, with 77% spending money there, followed by one-third, who bidded on sites like eBay, 4% making use of m-commerce and 2% buying products on Facebook.
The survey revealed a wide variety of opinions, when it came to what would make consumers go back to a given store. More than 60% said that a combination between price and value would encourage them to visit the place again and nearly the same percentage wanted an array of products. Just over one-third insisted on quality services, whereas only one in ten admitted to being strongly influenced by ads.
Young consumers did not seem to be eager to share information about their shopping experiences, as only 17% of the polled often did so and 36% occasionally shared. Details of good experiences were spread around by 18% of respondents, while bad experiences were shared by a mere 8%.
Good news for social media fanatics perhaps, but a clear warning that voice and recommendation is still a powerful tool with this consumer demographic, and brands must focus on their customers experience, wherever that touch-point may be.