News • 25.12.2017

Report shows not-so-smart holiday shopping habits

We're heavily inclined to make impulse purchases, but we aren't very likely to be as careful about what it is we're buying

presents: a house, smartphone, car
Source: PRNewsfoto/Service Contract Industry Council

A recent survey of consumer buying habits by Breakthrough Research reveals the contradictory nature of the American buying public. Right before winter holidays is the most common time of year for impulse buying, and consumers are half as likely to read product reviews prior to making an impulse decision, the survey found. Perhaps because of this, we are three times more likely to expect our impulse purchases to break vs. items we had planned to buy – yet we're five times less likely to purchase a service contract to protect these impulse items. Just 5 percent report they are likely to buy protection on impulse purchases, compared with 26 percent on products they had planned to buy.

What does this mean? Consumers give in to the temptation of a sudden good deal, even though they don't think it's going to last as long as a more thoughtful purchase. And still, they don't take the extra step to safeguard their impulse purchase by backing it up with protections like a service contract that, in the end, could very well save them a lot of time, hassle, and money.

Something as simple as a service contract can add so much peace of mind (not to mention convenience) if and when something goes wrong with that great-deal impulse buy – yet consumers are way more likely to purchase protection for a product they carefully checked out before buying.

Even though this seems illogical, it isn't hard to see how consumers could compound one bad choice – buying on impulse without research – by then trying to "save" even more by ignoring the wisdom of protecting the product with a service contract. Not only can they help save the money it would cost to replace a product, but they also make it so much easier by avoiding the ordeal of shopping around for another good deal.

Source: Service Contract Industry Council (SCIC)

related articles:

popular articles:

Thumbnail-Photo: Mood Media launches hospitality trend book
22.11.2019   #trend research #personalization

Mood Media launches hospitality trend book

Four key trends highlighted: immersion, community, customization und convenience

Mood Media, the world’s leading in-store media solutions company dedicated to elevating the Customer Experience, launches its second trend book, exploring the ever-changing nature of customer experience in the hospitality sector looking at ...

Thumbnail-Photo: 90+ year-old manufacturer redesigns its stores …...
19.09.2019   #consulting #customer satisfaction

90+ year-old manufacturer redesigns its stores …

… making window and door shopping easier, more personalized and enjoyable

Each year we hear about the increase in online sales, and the talk of the demise of brick-and-mortar stores. But, brick-and-mortar stores aren’t going anywhere – if they adapt. And Pella Windows & Doors is adapting.Rather than ...

Thumbnail-Photo: POS TUNING supports Grips&Co
26.09.2019   #sales promotion #product presentation

POS TUNING supports "Grips&Co"

POS TUNING is committed to promoting young talent in the retail

Since the magazine "Rundschau für den Lebensmittelhandel" launched the Grips&Co competition, the annual cult event for junior staff, HR specialists and brand industry has been taking place for almost 40 years. Two days of ...

Thumbnail-Photo: The POS TUNING Pizza Presenter
24.07.2019   #product presentation #refrigerated shelves

The POS TUNING Pizza Presenter

The presentation solution for round pizzas in the chilling area

At the point of sale, customers can only buy what they see. This is the motto of POS TUNING from Bad Salzuflen, the solution provider for optimized product presentation at the point of sale for almost all product categories.The POS T Pizza Presenter ...

Thumbnail-Photo: SPAR continues European expansion with entry into Kosovo...
02.08.2019   #brick and mortar retail #business developement

SPAR continues European expansion with entry into Kosovo

6 store openings in 2019 and 7 more planned for 2020

The voluntary food retail organization SPAR International announces the brand’s entry into the Kosovan retail market, the 27th European market, in line with their expansion strategy.SPAR Kosovo is a new entity set up by a consortium of ...

Thumbnail-Photo: “What do you have that nobody else has?”...
16.09.2019   #data management #digital marketing

“What do you have that nobody else has?”

Exhibitor statements from the halls of DMEXCO 2019 on marketing trends and technology

We from iXtenso were visiting DMEXCO 2019 and looked around for the latest opportunities and technologies for marketers. We asked some companies what makes their solution unique – here are some answers. ...

Thumbnail-Photo: Vast majority of consumers plan to return holiday gifts...
03.10.2019   #pos marketing #personalization

Vast majority of consumers plan to return holiday gifts

“Retailers need to seize the moment."

During the upcoming holiday season 77 percent of consumers surveyed said they plan to return a portion of their gifts, with nearly 20 percent expecting to return more than half of their presents (sorry grandma!). This is both a blessing and a curse ...

Thumbnail-Photo: Five retailers are opening stores for every retailer closing stores...
28.08.2019   #retail #brick and mortar retail

Five retailers are opening stores for every retailer closing stores

New report by IHL Group debunks the retail apocalypse narrative

More than five retail chains are opening stores for every retailer that is closing stores in 2019, according to new research from IHL Group. This is up from 3.7 in 2018. The company also reports that the number of chains adding stores in 2019 has ...

Thumbnail-Photo: Mobile shoe closet on the road
27.09.2019   #sales promotion #fashion

Mobile shoe closet on the road

Luxury brand Tamara Mellon with first-ever traveling shoe store

Tamara Mellon, direct-to-consumer luxury brand, is taking their innovative retail concept on the road with the launch of the mobile TM Closet — the first-ever traveling shoe closet.Kicking off in Boston, the TM Closet will be located in ...

Thumbnail-Photo: Return on experience: The new kind of customer loyalty...
12.08.2019   #customer satisfaction #customer retention

Return on experience: The new kind of customer loyalty

US retailers benefit if they keep pace with rapid rise in customer expectations

New research conducted by alternative payments provider Klarna across 2,000 US consumers and 250 retail decision makers, reveals that retailers are struggling to retain their customers as consumers today increasingly have zero tolerance for a poor ...

Supplier

VKF Renzel GmbH
VKF Renzel GmbH
Im Geer 15
46419 Isselburg
Mood Media GmbH
Mood Media GmbH
Wandalenweg 30
20097 Hamburg
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
HappyOrNot
HappyOrNot
Innere Kanalstraße 15
50823 Köln
loadbee GmbH
loadbee GmbH
Nikolaus-Otto-Straße 13
70771 Leinfelden-Echterdingen
POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen