Vyze, Ipsos survey: young shoppers prefer store credit cards

Retails and department stores are trying to convince shoppers to sign up for retail store cards checkout, a strategy that increases immediate sales and generates a recurring profit stream form repeat purchases.

The Retail Credit Survey shows that in 2017, 8 out of 10 (78%) consumers are aware of retail credit offers, while only 51% knew about these services in the previous year. 40% of shoppers who sign up with store credit say that they are more likely to shop at the same retailer again.

When it comes to payment options, 52 % of Generation Z shoppers and nearly 60% of Millennials sway away from traditional credit cards and look for alternative payment options to finance large purchases.

Not only young shoppers want options. The survey finds that 6 out of 10 US consumers own a store card and 30% have 2 or more. Having options to choose from when financing a large purchase remains an important matter for shopper.

Flexibility is also a growing need, as shoppers want to be able to apply for financing both online (43%) and in the store (44%). The mobile payments sector is also growing rapidly, becoming a preferred method for younger shoppers.