Study Shows New Trends and Consumer Preferences that Impact Retail
STAMFORD, Conn.–(BUSINESS WIRE)–As consumers continue seeking convenience and instant gratification
through their mobile devices, retailers are thinking about new ways to
use technology, data and analytics to generate customer loyalty.
Synchrony Financial, a premier consumer financial services company with
more than 80 years of retail heritage, today released The Synchrony
Trend Spotter – The Latest in Retail and Consumer Marketing,
industry insights highlighting what today’s consumers value most and how
retailers can meet their needs.
To develop these insights, Synchrony Financial tracked existing and
emerging trends impacting both the retail and mobile payments space. The
results show that consumers are especially interested in:
Content Marketing: Over 40 percent of consumers said in a
recent survey they like to shop at stores that reflect their values.1
With shoppers’ moral and emotional viewpoints in mind, retailers are
tailoring their marketing efforts to convey a lifestyle or experience,
rather than just sell a product. People who believe in the brand
message can help share excitement for the brand. Social media can also
offer marketers the opportunity for free content advertising, which
gains traction through sharing by people who believe in the brand
Athleisure Wear: For many people, casual clothing designed for
exercising and (almost) everything else has become the “new denim.”
Some athleisure brands have surpassed sales of denim classics, and 80
percent of respondents in a recent survey said they have worn
“athleisure” clothing for occasions other than working out.2
Of these, 69 percent said they wear athleisure instead of jeans at
least once a week. Many of today’s consumers prefer comfort that
allows for both movement and style.
Instant Delivery: With apps providing amenities ranging from
personal chauffeurs to doorstep delivery, retailers are going beyond
free shipping and launching same-day delivery services. Some car
services are even partnering with retailers to provide same day
delivery of groceries, clothing and other goods. Many customers value
convenience and instant gratification, and will pay to get it.
Affordable High-End Fashion: To extend their reach, many
retailers are fostering partnerships to provide accessibility to high
fashion brands. Between mass merchant retail brands offering high
fashion lines and low-cost retail brands collaborating with high
fashion lines, these items are made available to a wider range of the
income scale. Low-cost retailers house high fashion trends to satisfy
the affluent customer on a bargain hunt, while high-end brand names
offer lower-cost merchandise to attract customers at the big box
Rented/Used Apparel: Almost one-quarter (24 percent) of U.S.
consumers surveyed said they have rented clothing, and over one-third
(34 percent) said they find the concept of renting appealing.3
Retailers are able to reach a larger audience through this business
model by allowing their customers to tap into trends and rent apparel
for special events at a fraction of the purchase price. In addition to
one-time rentals, there are retail apps that allow owners to trade
used clothing or send in items they want to rent out. These companies
collect and store items, and handle delivery and dry-cleaning, much
like a traditional rental company.
Additionally, about 40% of the U.S. population state they have used a
mobile wallet4 for their retail purchases. App-based payment
solutions, mobile payments and the Internet of Things are resulting in
consumers developing different expectations of their shopping
experience, moving towards online and app-based payment solutions. These
new developments in the payment space are also causing retailers to
think about how to best create a seamless experience for consumers.
“With our wealth of shopper insights through multiple partnership
channels, Synchrony Financial provides retailers with consumer trends to
assist them in tailoring their business models,” said Bart Schaller,
chief marketing officer, Synchrony Financial. “The retail industry is
constantly evolving and we are focused on providing insights and data to
our retail partners to help them deliver great customer experiences that
drive loyalty and increase sales.”
Read The Synchrony Trend Spotter – The Latest in Retail and Consumer
Marketing, along with other retail and shopper insights, at www.synchronyfinancial.com
at the bottom of the home page under the Featured White Papers heading
or click on the Insights
link under the News tab at the top of the page.
1Synchrony Financial 2016 Affluent Research Study. March 2016.
2, 3, 4Crowdtap Survey. June 10, 2016.
About Synchrony Financial
Synchrony Financial (NYSE:SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.* We provide a range
of credit products through programs we have established with a diverse
group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
350,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial offers private label and co-branded Dual Card™
credit cards, promotional financing and installment lending, loyalty
programs and FDIC-insured savings products through Synchrony Bank. More
information can be found at www.synchronyfinancial.com,
*Source: The Nilson Report (May 2016, Issue # 1087) – based
on 2015 data.
©2016 Synchrony Bank/Synchrony Financial. All rights reserved.
Synchrony Financial, 855-791-8007