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Survey: Shopper Behavior Responding to Economy

BY CSA STAFF

New York City Plenty of headlines will be generated from the “Big Show” – the National Retail Federation’s 98th Annual Convention and Expo at the Jacob K. Javits Convention Center in New York City, Jan. 12 to Jan. 14.

On Monday morning at NRF, Atlanta-based Miller Zell released the results of its 2009 Shopper Behavior Survey.

Miller Zell surveyed 801 shoppers just before the Christmas holiday to determine if the economy was impacting male and female shoppers differently.

“As economic conditions change rapidly, it is important that retailers and manufacturers continue to have their finger on the pulse of changing shopper behavior,” said Steven Skinner, Miller Zell VP of consumer products. “Our survey indicated unexpected divergence in shopping behavior by gender and wage. We believe this holds great importance for how retailers and manufacturers design their stores and market their products to consumers in mass media and inside of the store.”

The survey offered up actionable insights for retailers struggling to survive the economic storm. Key findings include:

 

  • Pre-planning is way up. This coupled with a big increase in Internet research indicate shoppers are coming to the retail store more armed than ever with knowledge of pricing, product capabilities and competitor products;

 

  • Wage earners exceeding $100K were far more negative about the economy than all other wage-earning categories;

 

  • Females are drivers of tighter fiscal discipline in the household including the reduction of family night out; and

 

  • The general trend across age, gender and income was to reduce spending, trade down and brand switch to private-label product.
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99 Cents Only posts 3Q sales growth

BY CSA STAFF

COMMERCE, Calif. 99 Cents Only Stores reported that total sales for its fiscal 2009 third quarter increased 8% to $351.1 million from $325 million for the same quarter last year.

The company reported a same-store sales increase of 4.2%.

 

Eric Schiffer, CEO of 99 Cents Only Stores, stated, “We are pleased with our solid third quarter sales performance, which underscores the strength of our business model and ability to attract new customers and achieve strong sales results in a challenging consumer economic environment. The increase in traffic from new and existing shoppers helped lead to an increase in both average ticket and the number of transactions in the third quarter. We believe that a growing number of shoppers are attracted to our deep value proposition and turning to our stores for more of their everyday household needs including many perishable and other consumable items.”

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500 agree to Best Buy buyout

BY CSA STAFF

MINNEAPOLIS About 500 employees at Best Buy’s headquarter’s agreed to take voluntary buyouts, the company reported, representing a 12.5% reduction in work force.

Best Buy said that based on the number of employees who accepted the offer, it expects to recognize in its fiscal fourth quarter a charge of approximately $60 million for this voluntary program.

The program was announced in mid-December as part of Best Buy’s plans to reduce future non-customer facing expenses.

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