Synchrony Financial has released its Fifth Annual Major Purchase Consumer Study.
According to the study, empowered with research, reviews and real-time discount information, shoppers making purchases of $500 or more are more decisive and deal-oriented than ever before.
More major purchase shoppers report starting and ending their shopping journey online this year and spending less time (63 days on average vs. 68 days in 2015) on the path to purchase than in the past. As part of this year’s study, Synchrony Financial explored shopping and spending preferences and the path to making a major purchase across 13 categories: appliances; automotive service and products; electronics; eyewear; fine jewelry; flooring; home improvement; furnishings; bedding and mattresses; lawn and garden; musical instruments; sewing and sports and fitness equipment.
“Major purchase shoppers are seeking maximum value in minimal time, taking a multi-faceted approach to navigate information and narrow options,” said Bart Schaller, executive vice president and CMO, Synchrony Financial. “Although shoppers are more decisive, they remain cautious about spending and carefully consider where to buy based on deal, product and financing availability."
For more information, visit synchronyfinancial.com.