US consumers shift online shopping habits due to rising prices: Study

Source:China Sport ShowRelease time:04-Jul-2024Clicks:

Article From：fibre2fashion

US respondents are significantly changing their online shopping habits due to rising prices, according to findings from a national consumer study released by Forter, the Trust Platform for digital commerce. Conducted by Talker Research and commissioned by Forter, the study underscores the necessity for brands to adapt to evolving consumer behaviours.

Sixty-one per cent of respondents have adjusted their online shopping habits in response to higher prices. Nearly nine in ten respondents reported an increase in their cost of living over the past five years. Clothing emerged as one of the top three online spending categories, accounting for 27 per cent of purchases, as per the study.

Generational preferences are influencing where and how consumers shop. Sixteen per cent of Generation Z respondents reported increased shopping on social media platforms, compared to the 7 per cent average across all respondents. Additionally, 19 per cent of Gen Z are shopping on marketplaces more frequently, in contrast to the 11 per cent average.

Payment preferences are also evolving, with 25 per cent of all respondents utilising buy now pay later (BNPL) services for online shopping. Generation Z shows the greatest comfort with BNPL, with 53 per cent using this option. Among BNPL users, 56 per cent use it to help manage their costs.

To foster customer loyalty and enhance lifetime value, brands should consider offering attractive perks and diverse payment options. Respondents indicated that free shipping (63 per cent), affordable goods (61 per cent), frequent sales (36 per cent), free and easy returns (34 per cent), and loyalty programmes (33 per cent) would entice them to shop online regularly.

Emerging payment options are also drawing consumers to brands, with 20 per cent favouring companies that accept digital wallets. Additionally, 15 per cent are attracted to brands offering BNPL options or cryptocurrency, and 10 per cent prefer store credit cards.

In light of increased prices, nearly half (48 per cent) of respondents have considered exploiting retailers' policies for personal gain. Tactics include stacking coupons (50 per cent) and reselling highly sought-after products (15 per cent).

These strategies vary by generation, with 20 per cent of millennials considering opening multiple online accounts to reuse promotions, and 24 per cent of Gen Z contemplating sharing passwords to online subscriptions with friends and family.