Price Prevails in Consumers' Decision on Where to Shop, Says NPD
PORT WASHINGTON, N.Y.-An overwhelming percentage of shoppers who responded to a survey by The NPD Group said price is the most important factor in determining where they shop.
Eighty-five percent of those who participated in NPD's "The Economy Tracker," a monthly monitor of consumer sentiment, rated price as either important or extremely important in deciding where they shop in the near future. Sales and special deals registered as important or extremely important with 75 percent of the respondents.
Convenience of the store location and ease of shopping each received important/extremely important ratings from 60 percent of the participants. Customer service got important/extremely important marks from 56 percent.
John Deputato, NPD's senior vice president of advanced analytics, said the survey results show that the retail economy has moved to a time of "calculated consumption. Shoppers are now savvier when spending money. They have new ways of gauging the marketplace. They can compare prices on the web while at home or while standing in a brick-and-mortar store with their smart phones."