Study: The Price Must Be Right

Discussion
Apr 23, 2003
George Anderson

By George Anderson


A new survey conducted by Opinion Research Corporation says consumers are visiting discount and closeout stores more often in search of savings.


The study, sponsored by Big Lots, “found consumers are searching for a cheaper alternative to conventional retail stores for items such as food, household goods, and furniture. And they’re finding significant savings on these products at discount and closeout stores.”


Highlights of the study include:


  • Seventy-three percent of American consumers comparison shop.

  • Sixty-nine percent make unplanned purchases while shopping.

  • Seventy-eight percent of consumers shop with family and/or friends.

  • Americans consider 37% off the original price of an item a bargain. Women are more price/discount conscious than men.

  • Eighty-eight percent of consumers buy food on sale.

  • Forty-four percent buy toys and games on sale.

Moderator’s Comment: Will closeout stores be the next
big thing in retailing?


Michael Potter, chairman and chief executive officer,
Big Lots believes, “Whether we have a good economy or a challenging one, we
believe all shoppers enjoy saving money on brand-name merchandise. Closeout
shopping gives consumers an affordable and exciting alternative to conventional
retail.” [George
Anderson – Moderator
]

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