Back-to-School Shoppers Will Compare Deals Online, but Plan To Buy In-store, Study Says
Value is the overwhelming driver for consumers planning back-to-school shopping, said a study from Synchrony Financial, formerly GE Capital Retail Finance. The study of spending across six categories, use of technology, and retail and payment preferences was done July 7-14…
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with more than 2,000 participants in three groups: parents of children in grades K-1, parents of college students, and college students. Price is an overriding concern for parents, even though most report they plan to spend the same or more this year, while college students are focused on items they need, the study said. Some 83 percent of college students plan to reuse products, where possible, and 63 percent will refer to last year’s spending as a guideline. Across all categories, shoppers plan to hunt for deals online, although most supplies will be bought in-store, it said. Shoppers’ focus on value and time spent comparing prices online “reinforces the importance for retailers to have integrated strategies that provide relevant offers and the best multi-channel experience,” said Toni White, chief marketing officer, Synchrony Financial. Of the six categories, clothing and shoes account for about a third of the expected total back-to-school spend by parents, followed by electronics, Synchrony said. College students spend primarily on electronics, clothing and dorm room items, it said. Many shoppers rely on their smartphones to shop, with more than half of college students using their phones to comparison shop and more than one-third of K-12 parents searching for coupons and online deals with their phones, the study said. Social media enables 46 percent of college students to compare prices, and more than 30 percent of parents watch for deals on brands they follow, it said.