Retailers, consumers and prices
I know where I want to buy that toy
Seven out of ten toy purchases were planned, and the top decision made by consumers was where to shop, according to a “Toy Purchase Decisions” report by market research firm NPD Group. The survey was conducted online with 2,344 participants.
Even the most indulgent parents have pared back on buying toys for their kids in the economic slump, making careful plans and seeking low prices on the items they buy.
Their thrift has resulted in tough sales conditions for toy makers and retailers alike, who are now resetting their strategy as the 2009 holiday season nears.
The survey showed that more than 75 percent of toy buyers knew which store they wanted to target while 90 percent of these people ended up buying at that same store, according to their plan.
And shoppers seem to be intent on sticking to their plan. Only 40 percent of these consumers said they would go to a different store if they didn’t find what they wanted at the original shop, according to the survey.
But unplanned purchases do happen and nearly two-thirds of consumers were influenced by factors such as specific toy being requested by a child, attractive packaging and product display. That is, of course, other than how important price is — two categories with the most unplanned purchases have the lowest average retail prices, the survey showed.