Discount Retail Favored by U.S. Consumers Regardless of Age or Income
In the United States, shoppers of different ages and income levels are bargain hunting as consumer culture continues to demand discounted goods.
According to the National Retail Federation’s quarterly Consumer View report released on Oct. 11, clothing is the most popular category for bargain-searching shoppers, with 75 percent of those surveyed likely to buy at a discount store or off-price retailer.
“Looking for the best price is a habit that cuts across almost every demographic,” Mark Mathews, the NRF’s vice president for research development and industry analysis, said.
The report shows that the recession-era rise in demand for discount shopping has been retained by price-conscious consumers. Additionally, 63 percent of respondents currently purchase more sale items than they did five years ago. Sixty-six percent of respondents make a minimum of two visits per month to a dollar store, and 58 percent visit an outlet once a month.
“Off-price and discount shopping took off during the recession as price-conscious consumers looked to save on everything from brand-name goods to everyday household purchases,” the report said. “Now, eight years into the economic recovery, consumers continue to hunt for deals and discounts.”
In a survey of more than 3,000 adults in the United States, the report found that 89 percent of those who make under $50,000 a year are discount-retail shoppers, and 88 percent of those who make between $50,000 and $100,000 and 90 percent who earn more than $100,000 hit the discount aisles. The survey also found that 93 percent of Millennials (born from 1981 to 1994) and Generation Z (born in 1995 or later) over the age of 18 are bargain shoppers.
“Regardless of income or generation, virtually everyone wants a bargain, whether it’s for everyday necessities or big-ticket splurges,” Mathews said. “Even those who can afford to shop elsewhere love finding a ‘steal,’ and it’s a habit that’s here to stay.”