Article
November 20, 2023, 4:00 PM EST
Synchrony’s 2023 Major Purchase Study: Research & Trends
HOW THE CONSUMER MAJOR PURCHASE JOURNEY IS CHANGING
Findings from Synchrony’s 2023 Major Purchase Study
We've evaluated the consumer journey for big-ticket ($500+) purchases based on our recent study of buying behavior in 13 different shopping categories. Here are the new milestones.
New trends to watch
Consumers returning to in-store shopping. Behaviors normalized from pandemic highs.
increase in consumers who made their major purchase in-store
decrease in consumers who made their major purchase online
decrease in mobile device usage in path to making a major purchase
The consumer major purchase journey includes research—plenty of it
Average duration of the major purchase journey—from the moment consumers determine they want or need the item through the day they make the purchase
78%
Consumers started research online
41%
Consumers used a mobile device
58%
Consumers started research in the store
50%
Consumers are open to using third-party sources to help them make a purchasing decision
23%
Consumers research financing options online
50% of consumers agree recent price increases have led them to seek financing options
Particularly, retailer financing options
59%
Consumers consider in-store financing to be part of the check-out process
46%
Consumers feel in-store financing is their easiest option
55%
Consumers ask sales associates about available in-store financing offers
61%
Consumers with a credit card issued by Synchrony say they obtain financing in store
Consumers have high expectations for their shopping experiences
Consumers prefer retailers that make them feel welcomed and respected as customers
Consumers prefer retailers that provide a curated shopping experience to streamline the process
Consumers prefer retailers that partner with other companies to improve the shopping experience
Consumers want deep brand relationships—ones that go beyond the transaction
Consumers say they prefer to shop at and
support brands that align with their values
Consumers are rethinking how they buy
Purchasing in store by consumers age 65+
The role in-store associates played in their buying decisions, according to consumers
Consumers who obtained financing for their purchase
* Change since 2021 Major Purchase Study