Older shoppers are returning to physical stores in larger numbers than their younger compatriots, the ninth “Major Purchase Journey” study by Synchrony has found. This year, 74 percent of shoppers aged 65-plus and 71 percent of shoppers aged 55 to 64 purchased in-store, compared with 66 percent and 67 percent, respectively, two years ago. This stands in contrast to shoppers in the 18-to-44 and 45-to-54 age groups, whose in-store purchases remained relatively constant over the past two years.
“Retailers should pay close attention to the trend of older shoppers coming back to physical stores,” said Michael Bopp, EVP, Chief Growth Officer at Synchrony, a consumer financial services firm. “If this behavior continues, retailers may want to consider everything from product mix to store layouts to welcome these customers.”
The study also found that 5 percent more people are obtaining financing for large purchases. Half of survey respondents said that recent price increases have led them to seek financing options and 66 percent agreed that financing makes larger purchases more affordable.
A biennial report on the latest consumer spending trends, the Synchrony study surveyed 3602 individuals who made a purchase of $500 or more in the past six months. The survey covered such categories as furniture, electronics, jewelry, appliances, flooring, home improvement and automotive.
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