According to “Fashion Forecasting” by Evelyn L. Brannon, there are four types of spending behavior:
- “Impulse buying – often associated with the thrill-of-the-hunt,
- Routine purchases at mass merchants who provide pricing and convenience,
- Lifestyle-based shopping at retailers, who carefully define the target audience,
- Custom products or personalized services.”
Online shopping:
- With gas prices becoming higher, consumers want to conserve their gas as much as possible. Thus, online shopping has become a major shopping habit of consumers. They can have the item(s) delivered directly to their house, also minimizing utilization of the precious time.
- One type of shopper whose time is extremely valuable to them is mothers: moms who put in “90 hours of in-and-out-of-home work a week, are more likely to buy online and have more transactions per year than any other [type of shopper]” (Zerbisias).
- Also interested in saving time, 61% of people at work are spending their lunch breaks shopping for apparel.
- It is easier to comparison shop online. In June, 89% of consumers cut back on spending compare to the 56% in May.
- 33% of consumers said they have cut their spending by comparison shopping online.
Impulse Buying:
- 5.8% of shoppers are compulsive of impulsive buyers
- Consumers who are distracted are more likely to impulse buy than shoppers who aren’t distracted
- Point-of-Purchase displays in stores encourages impulsive buying. These types of displays are difficult to transfer to online stores. Thus, with more consumers shopping online, there is no guarantee that consumers will make this impulsive buy because they have more time to think about their decision.
References:
http://articles.latimes.com/2008/jul/21/health/he-shopping21
http://newswise.com/articles/view/542684/
Brannon, Evelyn L. Fashion Forecasting. Pg. 270.
Zerbisias, Antonia. "Use Your Fingers Rather Than Your Feet For Peak Shopping Experience." The Toronto Star. 16 May 2008.
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