Regardless of income or age, consumers like a bargain and are shopping at retailers that offer products they feel are a good value, a recent survey from the National Retail Federation revealed.
The survey of more than 3,000 adults in the U.S. found that 89% shop at various types of discount retailers. Of those consumers, 58% said they shop at dollar stores, 50% at off-price retailers such as T.J. Maxx or Aldi, 44% at outlet stores and 36% at thrift stores.
“Looking for the best price is a habit that cuts across almost every demographic,” said Mark Mathews, vp/research development and industry analysis with the NRF. “Regardless of income or generation, virtually everyone wants a bargain whether it’s for everyday necessities or big-ticket splurges. Even those who can afford to shop elsewhere love finding a ‘steal,’ and it’s a habit that’s here to stay.”
Consumers across a wide range of income levels and age groups are shopping discount retailers, the NRF survey found. For example, 89% of survey respondents with an annual income of $50,000 or less shop discounters, 88% of those with an annual income of between $50,000 and $100,000 shop discounters and 90% of those with an income of $100,000 or more frequent discount retailers.
In addition, bargain shoppers include 93% of Millennials (born from 1981 to 1994) and Generation Z (born in 1995 or later) over the age of 18.
“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.”
Clothing is the product shoppers are most likely to purchase at bargain retailers, cited by 75% of those surveyed, followed by groceries (71%), home décor and furnishings (62%), personal care and beauty products (60%) and electronics (52%).