Consumers willing to make big purchases
In a recent poll out of 1,000 Americans who made a large purchase of $ 500 or more in the past year, TD Bank found that 70% of consumers are likely to make large purchases in the next six months. Almost 31% expect to spend more during the holiday season than last year, even despite the lawsuit supply chain issues.
When making a large purchase, financing is essential for these consumers, with 92% indicating that a retailer’s financing program is an important factor in their purchasing decisions. Almost half of respondents, 46%, said they would be more likely to make a purchase if a retailer had financing options such as branded credit cards, installment loans, and buy now, pay later. .
“Financing options are no longer seen as an advantage for buyers when selecting a retailer for their next big purchase, but rather as a key differentiator in where they buy these products,” says Mike Rittler, responsible for retail card services at TD Bank. “As consumer preferences vary and evolve, it is important for retailers to offer not only financing, but also a variety of options to meet the individual needs of their customers and ultimately increase the number of loyal clients. ”
Home improvement items were one of the top expense categories for major purchases, accounting for 35% of all purchases.