News

Study: Consumers are spending, tapping social media, blogs for product research

February 26, 2018

A TD Bank study reveals 73 percent of consumers made a major purchase in the last year, and the biggest spenders are using social media and blogs to conduct product research.

When it comes to brand loyalty and digital shopping, millennials are in the lead, noted the survey.

The survey polled 1,021 Americans regarding retail experience and buying behaviors.

"We're encouraged to see that consumers are making major purchases again and feeling confident about the economy overall," said David Boone, executive vice president and head of U.S. partnerships and shared services at TD Bank, in a press release. "We expect consumer spending to increase steadily throughout 2018, so retailers should re-evaluate how they are engaging with customers and determine if they're providing experiences that encourage purchasing across all channels."

The survey revealed shopping directly on retailers' mobile apps is gaining traction among consumers, with 34 percent frequently using a mobile app when shopping.