More than half of apparel shoppers, 62%, will wait to buy an item once it’s on discount and consumers are twice as likely to buy something with a 20% discount over a non-discounted average-priced alternative.
Those are top findings from a national study conducted by 2 Visions that polled more than 2,200 e-commerce shoppers.
The data also revealed that promotions can influence purchasing twice as much as product uniqueness or scarcity, according to a press release.
The study also uncovered generational differences in trust for coupon codes, with Gen Z trusting them the most, followed closely by Millennials. Gen X and Baby Boomers trust coupon codes the least, with Baby Boomers expressing the least trust overall for coupon codes.
“We’re finding that e-commerce targeting has really ramped up on the back of behavior-based experiences, but we’re seeing significantly stronger performance when brands introduce and star preference-based experiences,” Yates Jarvis, principal at 2 Visions, said in the release. “This Q2 2023 report highlights promotional and discounting distinctions in e-commerce purchase behavior that shift from target audience to target audience. You can imagine how powerful this is when applied to a brand’s personalization strategy.”