Consumer Behavior

Value for the money a big factor for shoppers

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November 11, 2022

A good number, 76%, of consumers are spending less and 56% indicate that "value for the money" is a big factor that impacts their loyalty of a retailer.

Those are top findings from a Verint study that also revealed two-thirds of consumers are less confident in the economy than a year ago.

The study polled 2,000 U.S. consumers who had bought from a mass market retailer from February through July 2022.

The survey revealed 91% of consumers shop at their favorite mass market retailer at least once a month, with 83% spending $50 or more on average.

After having an amazing customer experience, 88% are likely to make a repeat purchase, 82% are likely to recommend to friends or family, 68% are likely to join a loyalty program and 63% said they are likely to write a positive review, according to a press release on the findings.

"At a time when global inflation has become one of the biggest issues facing consumers, leaving them with less disposable income, maintaining 'share of wallet' is critical for retailers," Verint's Jenni Palocsik, vice president, marketing insights, experience and enablement, said in the release. "Creating exceptional experiences should be at the heart of every retailer's engagement strategy. And our study shows 'to the retail customer experience victors go the spoils.'"

The study also shows that a negative customer experience can send shoppers packing; reasons that consumers were likely to stop purchasing from a retailer included: if a customer service issue isn't resolved in a single attempt (62%), if unable to communicate on their channel of choice (57%), if forced to repeat themselves (55%) and if they have to endure long wait times (50%).