Discounts may be driving sales this year, with 70% of shoppers requiring a 30% reduction to make a purchase.
But 79% are willing to pay full price if they really like the item, according to The Discount Dilemma and Returns Risk, a study from First Insight.
Yet 75% of shoppers will be deterred from buying if the retailer charges for returns.
Baby Boomers are most likely to feel this way — 84% versus 71% of Gen Z and 69% of millennials.
Ironically, 92% of consumers earning $200K will be turned away by brands charging for returns, compared to 70% of shoppers making less than $50K.
As for timing, 73% of consumers expect 30-60 days to make a return.
Willingness to pay full price also varies by generation: 87% will do so, as will 83% of millennials. In contrast, 75% of Baby Boomers will pay the total price, and 73% of Gen X.
Here is how consumers are cutting back compared to last year:
First Insight surveyed more than 900 consumers in November 2022.