Brick-and-Mortar Retail Shopping Continues to Thrive
A recent survey by TimeTrade Systems, examined by Retailing Today, found that brick-and-mortar shopping is still very important to today’s consumers. In the next couple of years, United States consumers will spend around $5 trillion in physical retail locations. Profits from online shopping pale in comparison to the level of spending in stores. Thus, understanding consumer behavior, including basic demographics, is paramount for brands and distributors alike to maximize profit and financial success.
Other key takeaways from the TimeTrade Survey:
- 90% of consumers are more likely to buy when assisted by a knowledgeable employee
- 92% of Millennials plan to shop in-store as often or more as they did in 2014
- Baby boomers control 70% of the disposable income in the United States
- If an item is the same price at multiple retailers, 63% of consumers will decide where to shop based on their customer experience in that store
Here are some additional demographics pertaining to U.S. consumers:
- The baby boomer generation, now 76 million strong, is between the ages of 47 to 64
- Generation X is the most important consuming generation, because of both earning and spending potential. Gen X are those people born between 1965 and 1980 – the consumers currently ages 35 to 50. This demographic is well educated (the majority have high school degrees) and ethnically diverse.
- Gen X comprises about 30% of the US adult population
- Generation Y, the people born between 1977 and 1994, are also known as the Millennial generation. Gen Y composes about a quarter of the total population.