Consumers who often pay more for good quality are still value-driven, with the vast majority shopping around to make sure they get the best deal (83%) and needing to be sure they’ve considered all options before making a purchase decision (72%), according to a recent study [download page] from iProspect. The survey was fielded among 6,220 US adults (21+) with household income of at least $75,000 who agreed with the statement “I often pay more for good quality.”
According to the report, more than three-quarters of the respondents prefer to buy and use brands that reward them for their loyalty, and two-thirds are willing to spend money to save time. So while they’re motivated to find the best value for their money, they are willing to spend for convenience’s sake.
For the most part, quality-driven consumers have an affinity for the store experience: two-thirds said they enjoy browsing in stores, with this figure highest among Millennial (21-34) females in the $75-150k income bracket (82%). Even so, fewer agreed that they’d rather go to a retail store or shopping mall than order goods online.
Indeed, the survey finds that digital media is popular among these affluent, quality-driven consumers, three-quarters of whom research products online before making a purchase. Not surprisingly, Millennials are the most likely to be found using their mobile phones in-store, whether to research products and look up prices or make purchases. These behaviors are especially prevalent among male Millennials in the $75-150k income bracket.