KCI: 2023Q4 Consumer Survey Report

According to a survey by Kearney Consumer Research Institute (KCI), consumers like to spend money on things and experiences. Their favorite things to spend money on are clothes and shoes, which 60% of consumers mentioned.

Next was restaurants, the only consumer industry mentioned by at least half of respondents (51%).

Other “things” consumers like to spend money on include home improvements (36%) and electronics (35%), while when it comes to experiences, travel/trips (35%) come in second behind restaurants.

Perhaps not too surprisingly, consumers prefer to take their time when shopping for clothes and shoes, rather than rushing through the process. 66% of respondents said they like to take their time or browse when buying clothing in-store, twice as many as those who want the shopping process to be completed quickly (34%).

When buying apparel online, the difference is more in favor of browsing, with about 70% preferring to spend time browsing, while 10% want to complete the process quickly. Apparel and accessories are one of the largest categories for e-commerce spending, with spending of $175 billion in 2022.

When it comes to home furnishings, consumers also like to take their time when shopping both in-store (59%) and online (63%), although this percentage is not quite the same as it is for clothing.

Grocery shopping habits have changed, with the majority preferring to complete the process quickly when shopping in-store (55%) and online (53%).

Other highlights include:

8 in 10 consumers prefer a good customer service experience that takes longer to deliver than a faster experience.

More than six in 10 people (63%) prefer a salesperson to walk away from them rather than greet them or ask if they need help.

About 71% of people believe that shopping allows them to escape the stress of daily life.

69% of people consider shopping to be a fun activity they do with friends and family.