Consumer Confidence Rising - Tire Review Magazine

Consumer Confidence Rising

Consumer’s confidence and willingness to dole out cash is on the rise, according to the 2014 Major Purchase Consumer Study by Synchrony Financial. The study, in its third year, found that of the shopper surveyed four of 10 indicate the willingness to make a $500 or more purchase within the next 12 months, a jump of 33% from last year.wallet

According to Synchrony, the amount of time consumers spend on their path to purchase – an average of 80 days – contributes to greater confidence. Consumers are conducting extensive online and in-store research searching for the best deal, with 88% of account holders indicating they “always seek the best deal,” and more than half saying “the best price trumps convenience.”

The study found that 80% of major purchase shoppers start research online, with 60% visiting retailer websites and 42% visiting review sites. Additionally nearly 50% of respondents use a mobile device in search, with one in five using one while in store.

“For the third consecutive year, our Major Purchase Consumer Study has tracked the importance of digital tools for research, and these latest findings confirm more consumers and omni-channel shoppers are now purchasing bigger ticket items online,” said Toni White, chief marketing officer of Synchrony Financial. “At the same time, related opportunities emerged to increase consumer satisfaction with retailer websites and the reliability of online reviews as well as the visibility of promotions and financing options – considerations for retailers as they focus on providing the best shopping experience.”

The study has also found that on average major purchase shoppers visited four unique retailers, participating in an average of eight interactions, before making their purchase. Sixty-one percent of random shoppers agree that financing makes large purchase affordable, but only 46% were aware of promotional financing at a retailer. Additionally, 76% of cardholders surveyed always seek promotional financing options, with 56% choosing another retailer if a promotion was not available, Synchrony said.

You May Also Like

Maxxis-sponsored athletes make podium, overall top 10 at Mint 400

Maxxis athletes Michael McFayden, Ethan Ebert and Trey Gibbs had podium finishes at the Mint 400 on Maxxis RAZR XT tires.

2024-mint400-maxxis

Maxxis sponsored athletes Michael McFayden and Ethan Ebert finished the Mint 400 on the podium and Trey Gibbs turned in a fourth place performance in his class and seventh overall. The Minto 400 is coined “The Great American Off-Road Race.”

McFayden was second in UTV Pro NA, finishing the four-lap race in nine hours, 24 minutes and 38 seconds. He drove his Honda Talon on Maxxis RAZR XT tires. Ebert finished with a third-place spot on the 2WD podium and 13th overall, with a final time of seven hours, 41 minutes and 46 seconds. His Honda Ridgeline was outfitted with the same RAZR MT tires. Also riding RAZR MTs, Gibbs cracked the overall top 10 in seventh place and was fourth in Unlimited Spec after finishing in seven hours, 17 minutes and 46 seconds.

Autel Energy Showcases EV Charging Solutions, Electrified Bronco at CES

At CES, Autel Energy showcased its suite of EV charging solutions and an electrified 1969 Ford Bronco.

Autel-U.S.-Enters-EV-Charging-solutions-Industry
2019 Newsmakers: Bridgestone Americas

Nearly all products in the Firestone family of tires have been upgraded over the past three years, and Bridgestone is on track to have all of its consumer tire portfolio across both the Bridgestone and Firestone brands either upgraded or replaced by the end of 2020.

Bridgestone-Newsmakers-800x400
2019 Newsmakers: Nokian Tyres

Nokian Tyres opened its first U.S. manufacturing facility and launched numerous new products. See what’s in store for 2020.

Newsmakers-Nokian-800x400
2019 Newsmakers: Nexen Tire America

Nexen Tire opened its North American Technology Center and debuted the Roadian GTX. Find out what’s in store for 2020.

Nexen-Newsmakers-800x400

Other Posts

Sun Auto Tire reveals winner of Ford Bronco Sport giveaway

Lowell Anderson entered the giveaway at his local Sun Auto Tire & Service store while receiving a routine oil change.

Sun-Auto-Bronco-giveaway
Nokian Tyres holds bracket challenge on worst roads in North America

In 2023, the tiremaker’s audience voted Quebec as the province or state with the worst road conditions on the continent.

Pothole-Protection-from-Nokian-Tyres
Gallery: 2024 Big O Tires conference and convention

Highlights from this year’s Big O Tires conference and convention, featuring a general session, trade show and breakout sessions.

Gary-Skidmore
Bridgestone’s Firestone Liberia rubber farm receives ISCC Plus recognition

According to Bridgestone, its Liberia facility earned the ISCC Plus certification for its efforts in reducing environmental impacts.

Firestone_Liberia