Retailers Try to Break Consumers' New Saving Habits
NEW YORK (TheStreet) -- Consumers' search for deals that keep more cash in their pockets brings memories of the Great Depression, when stretching a buck was a national pastime -- right up there with hating the Yankees and listening to Jack Benny on Sunday nights.
America can now boast twice as many savers than spenders, a recent survey from Gallup reveals.
Gallup reports that 62% of Americans choose saving over spending. In 2007 and 2008, before the economic storm hit, those numbers were narrower, with about 50% calling themselves "savers" and 45% calling themselves "spenders."
The big retail brands know all this and are busy trying to figure out what it takes to separate consumers from more of their money.including that price really isn't what matters to U.S. retail consumers -- it ranks fifth, behind a store's environment, brands, convenience and customer service. While they like and want deep discounts, Americans want those discounts to be simple and delivered on their terms "It is critical that marketers know which customers want a deal, who needs a deal and who outright rejects them," explains John Fetto at Experian Marketing Services. "Knowing the difference can help marketers tailor deals and discounts for the right audience, in the right channels. Experian cites different types of so-called deal-seekers, such as the "influentials" who are always chasing the next cool product and love to talk to other shoppers online and offline about value and quality in a product.
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