Off-Price Retail Shoppers: Buyer Persona
To gather insights that help to understand the different buyer personas of shoppers who make purchases from off-price retail, such as TJ Maxx, Burlington, Marshalls, Ross, Macy’s Backstage, Nordstrom Rack, etc. Components of the buyer persona include needs, behaviors and motivations of different customer segments and how each audience, in turn, views retail shopping, online shopping, fashion, and merchandise value. Research to also focus on how these personas reflect generational traits.
- Research suggests that TJ Maxx’s consistent growth thrives on bargain hungry shoppers.
- According to Neil Saunders, managing director of GlobalData Retail, value-seeking mindset is an underlying constant in terms of what customers look for when shopping from off-price retail.
- For TJ Maxx, data shows no erosion of shoppers migrating elsewhere as their economic circumstances improve.
- In TJ Maxx, encouragement towards bargain hunting has resulted in a boost to consumer incomes which has further encouraged existing shoppers to visit more often and spend more per visit, especially on apparel.
- 40.17 percent of people who shopped at TJ Maxx in 2018 were aged 18 to 29 years, followed by the age group of 30 to 49 years who constituted 37.19% of the shopper population and the age group of 50 to 64 years who constituted 18.78% of the shopper population.
- A survey conducted by First Insight on the shoppers of TJ Maxx found that almost half of women must see a markdown of 41 percent or greater to even enter a store, and 39 percent of consumers are willing to travel to another store to seek a lower price.
- In 2016, off-price shoppers accounted for 75 percent of apparel purchases across all channels.
- Market studies have found that shoppers targeted by Burlington stores are value-conscious and belong to the middle-class.
- The number of customers making purchases at Burlington’s stores is large while the basket size of the individual purchases is small.
- Burlington stores target consumers belonging to a younger demographic, with an average age of 39 years and an average annual income of about US$64,000.
- Other off-price retail rivals of Burlington stores cater to customers whose average income is US$77,000 per annum.
- Macy’s has recently come up with 1500-square-foot Story shops to 36 Macy’s stores across the country.
- Through these shops, Macy’s is targeting customers who are looking for interactive shopping experiences and instagrammable moments.
- According to Macy’s CEO Jeff Gennette, Macy’s want to give their customers an experience that would compel them to come back again and again throughout the year.
In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports that address your goals.
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