Contrary to what you might believe, a new study has found that upper-income shoppers may be bigger bargain hunters than their lower-income counterparts.
Affluent consumers, individuals making more than $100,000 a year – are becoming increasingly price sensitive.
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Affluent Buyers Frequently Shop at Discount Retailers
According to the results of a new survey by First Insight, 42 percent of affluent shoppers now frequently shop at discount retailers versus only 27 percent at full price retailers.
36 percent of high-income shoppers say their discount shopping has risen. 21 percent of affluent survey respondents shared they were more likely to visit online discount retailers, compared to only 12 percent of all people surveyed.
“That’s exactly what we set out to accomplish here at AllureOffers. We help affluent, price sensitive shoppers find their favorite high-end makeup, skin and hair care products at a discount,” says AllureOffers.com founder, Emma Evans. “You can look like a million bucks without having to actually spend it!”
Affluent Shoppers Using AI and Amazon to Check Prices
According to First Insight, bargain-hunting is happening in stores as well as online. To determine where they can find the best deal, shoppers are turning to Amazon, clicking on their mobile devices and even quizzing Amazon’s virtual assistant – Alexa.
Forty percent of affluent shoppers surveyed own a smart speaker such as Amazon Alexa or Google Home, compared to only 24 percent of the overall group.
Wall Street Journal reports affluent shoppers want luxury bargains
A little more than half (53%) of higher-income Americans use their smart speaker to research and compare pricing.
“Clearly the industry has educated the consumer to look for sales,” says Greg Petro, First Insight’s CEO. And “consumers by and large are using technology that they control … That device can provide them information and guidance on where the values are.”
Most ‘affluent’ Americans (74%) first go to Amazon to check pricing on desired products, versus only 60% of all shoppers.
Affluent Shoppers Are More Likely to Price Compare at Full Price Retailers
When at a retail store, affluent shoppers are also much more likely to price compare.
Forty-four percent of upper-income confirmed they price compare at full priced retail stores, versus 38% for those making less than $100,000 annually. The affluent were less likely to compare prices at discount retailers, but still did so at a higher rate (19%) versus 15% overall.
When in store, 39% use their smartphones or tablets to determine where they can get the best price, as compared with 26% of shoppers overall.
Use AllureOffers for Price Comparison
If you are shopping for beauty and cosmetic products in a retail store, be sure and check AllureOffers.com for store coupons and to find out if you can get the product for less. Either by it online, or show the better offer to the retail store you are presently shopping. Sometimes they will price match!
Check out the Infographic from FirstInsight.com that highlights major findings in the study.
Image credit: FirstInsight.com