Impulse Shopping is Alive and Well

This post on RetailWire highlights even though consumers are making shopping lists and trying to stick closely to it more than ever now, research shows that about 90% of those shoppers who create lists stray away from it and making impulse purchases once they get to the store.

The research, conducted by Miller Zell, also shows that the Generation Y is most likely to make impulse purchases based on advertising messages and end-caps. Curt Johnson, SVP for Miller Zell, mentions, "People talk so much about this generation researching everything online before they buy it, but this study showed that they actually index much higher than other age groups in terms of finding all advertising -- both in-store and outside the store -- as 'very effective'. Gen Y is, in fact, a lot more malleable inside the store than many marketers think."

What are your thoughts?

Goodwill Sales Jump as Shoppers Race for Second-Hand Items

The Chicago Tribune reports that second-hand stores, specifically Goodwill, are seeing a huge jump in revenue thanks to the cash strapped consumer. According to the article, many retailers are scaling back expansion plans or closing stores, but non-profit Goodwill plans to open five stores a year from 2008 through 2012, doubling its cadre of second-hand outlets in the Chicago-Milwaukee market to 50. Its likely that Goodwill will see more stores opening throughout the country. Last year, H&M, Forever21 and other "fast-fashion" stores showed high revenues, will this year be the year of the thrift store?

Consumers Opt for Quality Time with Loved Ones Over Traditional Gifts This Valentine’s Day

According to the National Retail Federation, we'll see a dip this year in Valentine's Day spending. This isn't too surprising as the economy has weighed heavy on customers.

Traditional gifts, such as candy, flowers and jewelry will see a slight decrease in popularity this year with more consumers preferring gifts of experience and gift cards. Almost half (48.2%) of all consumers plan to celebrate Valentine’s Day with a special night out, compared to 45.3 percent last year, and 12.3 percent will give a gift card, compared to 11.3 percent last year. Greeting cards still remain the most popular choice, though the number of people planning to purchase one is down from last year (56.8% vs. 62.8% last year). Nearly 48.0 percent of consumers will buy candy, 35.9 will buy flowers and 11.8 percent will buy clothing.

How will your company cope with this change in consumer spending?