Report: Customers prefer Best Buy for CE purchases
COLUMBUS, Ohio Best Buy continues to be the store shopped most often for over one-third (34.9%) of consumers for electronics, according to BIGresearch's March 2009 Retail Ratings Report.
Up from 31% in March 2008, Best Buy's growth in consumer preference share for electronics resulted in a Consumer Equity Index of 112.69. Walmart's share was up as well year-over-year (20.3% in Mar. 09 versus 17.6%) with a CEI of 115.16. Third place Target's CEI of 126.23 shows a relatively substantial growth in consumer share.
Walmart bumped Best Buy out of the top position among consumers who report a household income of less than $50,000 this month. Walmart's share among this segment is 29.4%, compared to Best Buy's 28.7%. However, Best Buy is a clear winner among consumers with a household income greater than $50,000, with a share of 45.6%, compared to Walmart (12.4%) and Costco (3%).
"Best Buy and Walmart, with substantial gains in consumer preference share, seem likely to seize the opportunity to court Circuit City' former customers," said Pam Goodfellow, senior analyst at BIGresearch. "But with the void Circuit City is leaving in the electronics category, watch for retailers like Amazon or Sam's Club to possibly rise to the occasion in coming months."