PYMNTS Intelligence data has illuminated a broad spectrum of shopping behavior so far this year, highlighting how omnichannel engagement is changing over time and how economic pressures are impacting spending behavior.
Here are five key insights into buyer behavior from 2024 onwards.
The Rise of the Click-and-Mortar™ Shopper
“The Global Digital Shopping Index 2024“” has gained insights from a survey of nearly 14,000 consumers in seven countries on their omnichannel purchasing behavior and preferences. The results showed that around 4 in 10 consumers are now Click-and-Mortar™ shoppers and prefer shopping processes that combine digital and physical experiences over pure brick-and-mortar or e-commerce.
Specifically, 25% of customers are digitally assisted in-store shoppers, who choose to use connected technologies to simplify their in-store shopping experience, and another 14% are self-collection customers, who prefer to make their purchases digitally and collect them in-store.
Omnichannel increases customer satisfaction
Data from the “US editionThe same index, for which PYMNTS Intelligence surveyed more than 2,400 U.S. consumers, found that these digitally-enabled shoppers are more satisfied with their shopping experiences than those who do not use such tools.
The study found that customer satisfaction is 65% higher among customers who shop in-store with digital support than that of those who are in business without digital Help.
High-income and Generation Z shoppers lead e-commerce usage
The 2024 edition of PYMNTS Intelligences “How the world works digitallyThe report is based on a survey of 67,000 consumers in 11 countries, which together generate about half of the world’s gross domestic product, to understand how they engage with various digital activities in their daily lives.
The results showed that young and affluent consumers are leading the way when it comes to online shopping, with 21 percent of consumers shopping online every week.and that The share rises to 27% among high-income shoppers and 35% among Generation Z. Additionally, one in four consumers shops on a digital marketplace every week, and this share rises to 33% among affluent consumers and 37% among Generation Z.
Recommendations from peers guide the purchasing decisions of young consumers
The PYMNTS Intelligence Study “Generation Zillennial: How they shop” was based on a survey of more than 3,600 U.S. consumers to understand the shopping preferences and behaviors of shoppers of different generations. The focus was on Zillennialsthe microgeneration of younger millennial and older Generation Z consumers born between 1991 and 1999.
The results showed that the factor that most often influences younger consumers’ purchasing decisions is recommendations from friends or family. 42 percent of Gen Z consumers, 39 percent of Zillennials And Thirty-seven percent of millennials said they made purchases in the past 30 days based at least in part on these factors, compared to just 30 percent of the general population.
Inflation leads to spending cuts
For the February/March issue of “New reality check: The Paycheck-to-Paycheck report“ series, PYMNTS Intelligence surveyed more than 4,200 U.S. consumers to understand their saving and spending habits.
The study found that, faced with rising retail prices, 60% of shoppers reduced their purchases of non-essential products and half switched to cheaper retailers. There was also a smaller but Despite it A significant proportion of shoppers switched to cheaper versions of the same products. 45 percent of low-income shoppers, 41 percent of middle-income shoppers And 28% of high-income buyers said they compromised on quality in the past year.
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