New Acosta Research Reflects Omnichannel Path to Consumer Electronics Shopping Amid Inflation Concerns

JACKSONVILLE, Florida., November 21, 2022 /PRNewswire/ — As retailers approach the busiest days of the holiday season, Acosta has shared the results of its recent Shopper Insights consumer electronics survey. While 74% of shoppers express a high level of concern about inflation, with more than half noting higher prices on nine of the 10 most purchased items over the past year, 75% of shoppers say price has had little or no impact on their decisions to purchase top-selling consumer electronics items.

Over the past year, half of consumer electronics shoppers surveyed have purchased smartphones and more than 33% have purchased televisions, personal computers, headphones and earphones, despite rising prices. Tablets, gaming systems, computer accessories, speakers and printers round out the top 10 most purchased items. When available, “smart devices” options were chosen by most.

“The primary purchase driver for all of these items was a perceived need for an upgrade or replacement, with the secondary driver being either a career need or a promotional opportunity,” said Kathy RischSVP, Consumer Insights and Trends at Acosta.

“We also found in our research that the path to purchase was omnichannel for shoppers across all demographics,” she said. Both online and in-store shopping play a vital role for shoppers, with price, brand, and sales cited as top considerations in the buying process. Only in the case of smartphones and gaming systems was brand the number one consideration. “Because of inflation, consumers are changing their shopping habits,” Risch said. “They shop more than before inflation and pay more attention to the best value for money.”

This buying pattern was confirmed with 80-90% of shoppers surveyed stating that they had not purchased certain items across all categories due to price, with the greatest impact seen in camera/security systems, stereo/surround sound systems, virtual assistants, accessory computers and headphones.

For retailers and brands, this data means that value and brand messaging must take center stage in digital content as well as in-store experiences. Comparative product research is done online before or during visits to physical stores to seek reviews and best prices. The primary resources for online research are retailer websites, with Amazon positioning itself as a frequent product search solution. Shoppers typically visit up to two stores or websites before making their purchase.

Where consumers buy

Consumers purchase consumer electronics from physical retailers and online retailers, led by mass merchants, specialty electronics and exclusive online retailers.

*Gen Z is more likely to shop

• Large or expensive items like televisions, personal computers, and gaming systems tend to be purchased from physical stores.
• In-store demos were rated as extremely or somewhat important across all demographics for TVs, PCs and smartphones, reflecting the importance of in-stock positions and customer experience.
• When shopping online, consumers increasingly want more access to product manuals, service representatives, and tutorials.

“In conclusion,” Risch said, “shoppers are buying consumer electronics despite rising prices and inflation, but they’re following a new multi-step buying path that forces brands to tell their value and story consistently across all platforms”.

Acosta’s Shopper Insights study was conducted in August 2022 with an American audience of 570 people aged 18 and over. For more information on this survey, visit us here or email us at [email protected].

About Acosta

Acosta’s suite of progressive, commerce-centric solutions enable today’s leading brands, retailers and foodservice providers to win in the modern marketplace. Since 1927, Acosta has developed relationships of trust and unparalleled scale. In a complex and rapidly changing omnichannel world, Acosta’s business network allows us to connect with buyers wherever they are. Through data-driven growth strategies and exceptional customer experiences, we connect tomorrow’s commerce today. For more information, visit www.acosta.com

SOURCEAcosta