A recent report by First Insight states that 53% of consumers rate quality as the most important factor when making purchases compared to price (38%).
In the age of Amazon and same-day shipping, it can be difficult to take the time to shop around for the best deals. As consumers, our expectations have shifted, and we’ve grown accustomed to getting the things we want or need right now. But is the convenience of instant gratification costing you money?
According to Numerator (formerly Market Track), 80% of consumers say they shop around before making a purchase, and the higher the price, the more likely shoppers are to conduct cost comparisons. In turn, when it comes to smaller items, many consumers may choose to forgo the bargain hunt. If you’re going to spend time shopping around, it makes sense to do so for big-ticket items. For example, comparing the cost of a new laptop can ultimately save you hundreds of dollars; whereas, researching the price of paper towels at Kroger versus Walmart may only save you a few cents. And although those few cents can add up over time, you may find that spending less time shopping and the convenience of just making the purchase may prove more valuable than saving money.
But what if the best price may not mean the best quality? Numerous studies have shown that shoppers consistently choose quality over price. A recent report by First Insight states that 53% of consumers rate quality as the most important factor when making purchases compared to price (38%). If you compromise quality for price, especially when making larger purchases, you may save up front, but you risk losing money over time.
at Medium.
