Is Price the Major Shopping Driver? Not According to a New Study

During — and since — the recent Great Recession, many shoppers have become more price sensitive. In addition, showrooming and mobile media apps that enable shoppers to track prices in real time have also contributed to intense price pressures for retailers. As a result, according to various reports, a number of major retailers saw their profit margins decline in 2013.
But recent research by Duke University’s Fuqua School of Business (commissioned by the American Marketing Association) indicates that consumers may finally be moving from their interest in price as the driving force in their shopping behavior to a greater emphasis on quality. This is very good news for retailers.
As eMarketer reports:
“Getting a good deal isn’t top of mind for shoppers. In a February 2014 study by Duke’s Fuqua School of Business, ‘superior product quality’ was the top priority among U.S. marketers. Consumers were less interested in finding a low price. In fact, this fell from second place in August 2013 to fourth place in February 2014, trailing priorities related to relationships with brands and customer service.”

Click the chart to read more.

 

This entry was posted in Part 1: Overview/Planning, Part 3: Targeting Customers and Gathering Information, Part 5: Managing a Retail Business, Part 6: Merchandise Management and Pricing and tagged , , , , , , , , , , , , , . Bookmark the permalink.

3 Responses to Is Price the Major Shopping Driver? Not According to a New Study

  1. Pingback: Is Price the Major Shopping Driver? Not Accordi...

  2. Pingback: Discounts ARE Still Important to Many Shoppers | Retailing: From A to Z by Joel Evans

  3. Pingback: 2014’s Most Popular Posts at Retailing: From A to Z | Retailing: From A to Z by Joel Evans

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