Consumers opt for stores when buying BTS footwear, but online a big influencer
While consumers remain relatively committed to finalizing their purchase in store, the internet increasingly influences spending decisions,” said Matt Priest, president and CEO of FDRA said.
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“This means critical steps in the process of finding the most shoe for the buck—from assessing brands to researching models or comparing prices—are taking place online. Retailers and brands cannot afford to rely on a single-channel approach to winning the battle for attention and dollars in a crowded footwear marketplace.”
Consumers are prepared to dish out more money on footwear as their kids return to class, according to the survey. Buyers — regardless of income threshold — expect to spend 16% more on shoes on a net basis this fall vs. the same period a year ago. Those making more than $100,000 annually expect to spend 38% more than year-ago, while those under that mark plan for a 14% spike. Of those polled, only 25% plan to pay less than a year ago.
Other key findings of the survey include:
•While logos matter, brands have a varying level of interest based on income level. Of those earning above $100,000, 76% say brand of shoe is a key consideration; that number drops to 58% among those below $100,000.
•Children also have varying levels of influence. Some 61% of middle schoolers exert significant sway over parents’ footwear-purchase decisions, but the number dips slightly to 59% of high schoolers represented; 48% and 35% of elementary and kindergarten children respectively offer strong input.
•The biggest driver of external influence over purchase decisions is word-of-mouth endorsement, according to 42% of respondents. By contrast, marketing messages, including those disseminated through social media, were identified as the top external influence by 27% of respondents.
“In this highly competitive environment, retailers must drive consumer interest with a broad selection in assortment, a personalized and targeted message, or highly competitive prices on visible and widely carried styles,” said Bryan Eshelman, partner & managing director at AlixPartners and Americas Retail practice lead.