New consumer insights help retailers heat up summer sales
Retailers and brand owners across Europe looking for a bumper 2010 summer sales season have a valuable new marketing tool in a survey commissioned by Avery Dennison.
The survey, completed in partnership with TNS, provides retailers with insights on consumer buying patterns and decision-making processes when sales are taking place.
Results show that over three quarters of consumers surveyed wait for the sales before purchasing the clothes they need and a similar percentage say they spend at least a third of their annual clothing expenditure during the sales period. The survey highlights that consumers rarely set a budget for their shopping trips to the sales and 8 out of 10 shoppers make unplanned purchases if they think they have found a good deal.
“In the current economic climate, sales periods have become an increasingly important way for retailers to achieve revenue and profitability targets,” says Christophe Lopez, marketing director at Avery Dennison.
The survey also found that poor labelling can significantly reduce sales. When items are marked only with original price and percentage discount, most consumers calculate the final price mentally, which left the majority of customers surveyed with a negative feeling about their overall shopping experience.
In fact, around 37% of consumers decided not to buy an item when they had difficulty estimating the final sale price, resulting in lost sales for retailers. 90% of consumers want to know the original price, the discount and the final price. The survey respondents agreed that easy-to-read labels containing all three prices help them make a purchasing decision and successfully maintain the image of the brand.
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