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Vyze, Ipsos survey: young shoppers prefer store credit cards

Monday 12 June 2017 | 01:44 PM CET

Vyze has released a new survey by Ipsos that reveals the growing popularity of store credit among younger shoppers.

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.

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