Depending on the category, between 40 and 137 days was spent researching the purchase. While the Study data represents the average major purchase experience, it is inclusive of shoppers who had a short decision cycle based on a critical need to replace an item.* The findings also revealed the following:
- For one out of four major purchase shoppers, their purchase was part of a larger project.
- Replacement and upgrades are the two most prevalent triggers to purchase.
- The length of the purchase cycle and price are highly correlated.
- Consumers say digital tools empower them to compare prices and find the best value.
- Shoppers search for the following when they visit the retailer’s website (in order of importance): warranty information (66%); pricing (52%); specs/model information (51%); payment/financing information (47%); sales/discounts; availability; and shipping information.
- On average, consumers visited five unique retailers – at least three online merchants and two brick-and-mortar stores – before making their purchase.
*The GE Capital Retail Finance Annual Major Purchase Shopper Study represents the average major purchase experience. The data reflects recent purchases valued at $500 or more that were categorized by consumers as both need and want. Note some product category differences (i.e., eyewear and appliance shoppers may have a shorter consideration cycle.)About GE Capital’s Retail Finance business GE Capital’s Retail Finance business is among the country’s most successful retail lenders, with 80 years of experience in consumer financing. The business, with its lending entity GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit card programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. More information can be found at www.gogecapital.com and twitter.com/GoGECapital. GE Capital is one of the world’s largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital. GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com. Editor Note: Graphic data representations, photography and industry-specific findings available. ©2013 General Electric Company, All rights reserved.