A consumer survey conducted for STORES magazine by BIGinsight indicates that more than ever, shoppers continue to pass on luxury products and instead are spending their money on discount apparel and other more affordable items, a trend that has helped increase the popularity of flea markets across the country that can sell goods less expensively.
According to the survey, 93% of shoppers indicated that luxury handbags were “expendable” in their budget, and purses have been on top of the STORES survey every year since it began in 2008; however, purse sales at the flea market are increasing steadily, showing that shoppers still seek purses, but are instead buying from sources that can provide better prices.
Increase in Discount Apparel
In comparison, the number of shoppers who considered discount apparel “untouchable” in their budgets (an item they cannot live without), has risen from 43% in 2008 to 53% in 2011, as more consumers have focused on getting either the same goods at better prices, or lower-priced merchandise. In addition, more customers have used advanced technology to shop around until they can find the best price for the products they can’t live without.
“Events that have transpired over the past four years have forever changed consumers, and this is evidenced in what they deem expendable and untouchable purchases,” says Phil Rist, executive vice president, BIGinsight. “The added layer of advancing technology has changed how they research and make purchases… the retail landscape will likely never be the same.”
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