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ICSC Finds Low Prices Raise Customer Loyalty
The International Council of Shopping Centers’ (ICSC) latest survey on brand loyalty found that the majority of U.S. adults are loyal to both product-brands (82%) and retailers (84%). Driving loyalty to specific retailers in 2017 are price and value, with nine out of 10 (92%) loyal customers ranking this the top reason.
Technology has enabled consumers to be better informed about pricing and availability. But the importance of the retail experience continues to be significant, as 62% of consumers say they are willing to spend more if their shopping experience is customized to their personal interests.
Additionally, slightly more than eight out of 10 respondents cited the ability to see, touch, try on and interact with products as a loyalty increasing factor. However, a negative experience comes at a price, with 82% of consumers saying that they will buy elsewhere if they experience poor customer service or rude employees.
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