Holidays can be a time for shoppers to consider significant purchases in categories like jewelry, electronics, automotive, and furniture. Whether getting a special sparkly present for a spouse or buying new furnishings ahead of family visitors, the average duration of the major purchase journey — from the moment consumers determine they want or need the item through the day they make the purchase — is 55 days. With that in mind, retailers should be keeping an eye on consumer trends and behaviors since there can be many touchpoints along the way to make or break that final sale.

Last week, Synchrony, a premier consumer financial services company, released its latest Major Purchase Journey Study. The results of this study reveal interesting trends from the purchasing decisions of over 3,600 individuals who made big-ticket purchases of $500 or more within the past six months.

A few themes from the study stand out as trends for retailers to watch for this holiday season and beyond.

Resurgence of In-Store Retail Experiences

The study notes the trend of older shoppers returning to physical stores. According to the study, this year, 74 percent of shoppers aged 65-plus and 71 percent of shoppers aged 55 to 64 purchased in-store compared with 66 percent and 67 percent, respectively, two years ago. This stands in contrast to shoppers in the 18-to-44 and 45-to-54 age groups, whose in-store purchases remained relatively constant over the past two years. An omnichannel experience is the reality of the consumer world we’re living in. Retailers should take note of how their brand is portrayed across channels. Additionally — and not surprisingly — 54 percent of consumers prefer retailers that make them feel welcomed and respected as customers.

Younger Shoppers Go Mobile

Mobile has changed the world significantly; it has become an extension of everyone’s life. The percentage of younger shoppers using mobile wallets was double that of every other age group surveyed. Merchants and consumers are increasingly discovering the ease of use and increased security that digital wallets can provide. And before they get to checkout, 61 percent of shoppers ages 18-44 say they conducted research through mobile channels.

Financing on the Rise

The study discloses a noteworthy 5 percent increase in consumers opting for financing major purchases compared to two years ago, underscoring a growing reliance on financing options. Fifty percent of consumers surveyed agreed that recent price increases have led them to seek financing options, and 66 percent agreed that financing makes larger purchases more affordable. Additionally, 75 percent of consumers are comfortable with financing through a retailer-specific credit card. Retailers should consider offering choice and flexibility in financing to appeal to changing consumer needs for a variety of purchases.

The Role of Retail Associates

Retail associates continue to play an integral role in the shopping experience, as 81 percent of study respondents said they directly interacted with a salesperson while shopping for their most recent purchase. They also play a pivotal role in financing, with 55 percent of respondents researching financing by asking a retail associate. And among those who obtained financing in-store, 51 percent were approached by the associate. Associate training and education to close a sale should always be top of mind for retailers.

From televisions to diamond rings, consumers of all generations will likely be out and about this holiday season. While older shoppers may be in stores, younger shoppers will likely be researching and paying for goods through their phones. Offering a variety of financing options to make major purchases more attainable is important to consumers across all age groups, too. The full results of Synchrony’s Major Purchase Journey Study can be found on Synchrony’s website. We wish all of our partners and customers a happy and healthy holiday season!