Major Purchase Consumer Study

The company which did the research report - Synchrony

About the company - Synchrony is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products.

Area of research - Behavioural and attitudinal trends

Name of the organization which did the study - Rothstein Tauber, Inc.

Participants of the survey - 2776 respondents (data from shoppers across these 14 different product categories)

Duration of the research survey - December 2016

The main points of discussion in the survey:

1. consumer attitudes

2. consumer behaviour

3. path to a major purchase

4. Shoppers are being more decisive.

5. primary decision drivers

Findings of the survey:

1. Deal orientation continues to increase - 
   
   1.  The prevalence of online content and information is one key driver of this change.
   2.  Deal orientation was higher in 2016.
2. Consumer behaviour -
1. 90% of Synchrony Bank cardholders feel financing makes their large purchases affordable.
2. 88% of Synchrony Bank cardholders are comfortable financing through a retailer credit card.
3. Consumer behaviour -
1. 18% make their major purchase online (up from 13% in 2015)
2. 85% started their research online (up from 80% in 2015)
4. Path to major purchase -
1. 85% START RESEARCH ONLINE 
2. 70% IN-STORE RESEARCH
3. 56% Consult with Friends while 38% Check online reviews
4. 28% BACK IN-STORE (Mobile research while in-store)
5. 33% RESEARCH FINANCING OPTIONS (49% used a mobile device during the purchase process)
6. 82% PURCHASE IN-STORE (18% purchased online this year)
5. The number of days spent researching their purchase dropped from 68 to 63 days.
6. Primary decision drivers - 
   1. 43% of random shoppers were aware that financing was available (36% in 2015) 
   2. 47% of SYF cardholders say they might not have made a purchase or shopped at a competitor if the financing was not available.
   3. Synchrony Bank cardholders reported spending $513 more, on average, than non-cardholders.

To summarize, deal orientation continues to rise, Online shopping and online buying have significantly increased and Shoppers are being more decisive.

Questions :

1) The report was done by?

1. Standard chartered
2. Global markets
3. Societe generale
4. Synchrony

2) What is the title of the study report?

1. ways of achieving financial goals
2. major purchase consumer study
3. Social media and its impact on retail
4. economic growth

3) What kind of services is provided by Synchrony?

1. Auditing
2. Human resource
3. consumer financial services
4. Investment policies

4) Who did the survey?

1. Rothstein Tauber
2. Global markets
3. Societe generale
4. Synchrony

5) When was the report done?

1. 2020
2. 2016
3. 2018
4. 2017

6) How many participants were included?

1. 5234
2. 1211
3. 2776
4. 4321

7) How many product categories were considered?

1. 14
2. 23
3. 42
4. 8

8) Deal orientation continues to _____ .

1. Increase
2. Decrease
3. Be stable
4. Show a variation

9) What % of Synchrony Bank cardholders feel financing makes their large purchases affordable?

1. 78%
2. 90%
3. 38%
4. 88%

10) What % of Synchrony Bank cardholders are comfortable financing through a retailer credit card?

1. 90%
2. 55%
3. 88%
4. 69%

11) What % of responders make their major purchase online?

1. 34%
2. 56%
3. 18%
4. 39%

12) What % of responders started their research online?

1. 85%
2. 55%
3. 95%
4. 65%

13) The number of days spent researching their purchase dropped from __ to __ days.

1. 86 to 78
2. 96 to 89
3. 68 to 63
4. 95 to 72

14) What % of random shoppers were aware that financing was available?

1. 95%
2. 87%
3. 27%
4. 43%

15) What % of SYF cardholders say they might not have made a purchase or shopped at a competitor if the financing was not available?

1. 47%
2. 58%
3. 25%
4. 63%

16) In the path of major purchase ____% start research online.

1. 85%
2. 76%
3. 92%
4. 61%

17) In the path of major purchase ____% in-store research.

1. 92%
2. 85%
3. 70%
4. 37% 

18) In the path of major purchase ____ % research financing options.

1. 74%
2. 33%
3. 82%
4. 65%

19) In the path of major purchase ____ % purchase in-store.

1. 95%
2. 73%
3. 68%
4. 82% 

20) Synchrony Bank cardholders reported spending ____ , on average than non-cardholders.

1. More
2. Less
3. Same
4. None of the above