Restocking Fees Influence Consumers Retail Store Choices24 November 2005
The "official" start of the holiday shopping
is the Friday after Thanksgiving (Black Friday) and this year consumers in
the market for electronics will be checking return policies before buying
according to the opinions of over 8,000 consumers in BIGresearch's monthly
Consumer Intentions and Actions Survey (CIA).
When asked if they agree with retailers who charge a restocking fee for
returns of large purchases such as electronics, appliances and automotive
merchandise, 82.9% said no and 17.1% said yes.
"Consumers are skeptical of restocking charges and see it as another way
for the retailers to make an additional buck at their expense," said Joe
Pilotta, VP Research of BIGresearch. "Many said they would not shop stores
that charged restocking fees while others felt it was good customer service
for retailers to take back products consumers aren't pleased with and not
charge for it," said Pilotta.
The 82.9% who said "no" to restocking fees differed from the 17.1% who said
"yes":
No Yes
--- ---
Average Age 45.2 Years 43.2 Years
Men 46.0% 58.2%
Women 54.0% 41.8%
Average Income $48,039 $44,842
Stores Shopped most often for Electronics
-----------------------------------------
Best Buy 27.6% 27.0%
Wal-Mart 25.2% 21.8%
Circuit City 8.1% 7.4%
Sears 3.5% 2.7%
Target 1.7% 2.8%
Census Regions
--------------
Northeast 18.8% 15.8%
Midwest 25.5% 23.1%
South 32.6% 37.3%
West 21.1% 20.1%
"Retailers need to be mindful of the potential impact on customer
relationships store policies can have before instituting them. What may
look good on a spreadsheet could have long term impact on store traffic.
Educating customers on policy rationale can go a long way towards softening
negative attitudes of customers," said Pilotta.
Each respondent was given an opportunity to express their feelings to
restocking fees with an open ended response. A sample of the responses can
be viewed here: http://www.bigresearch.com/bigpr112205wi.pdf
About BIGresearch
BIGresearch is a market intelligence firm providing analysis of consumer
behavior in the areas of retail, politics and media. The syndicated
Consumer Intentions and Actions Survey (CIA) monitors the pulse of more
than 7,000 consumers each month to identify opportunities in a fragmented
and changing marketplace.
BIGresearch's methodology provides the most accurate consumer information
in the industry with a margin of error of +/- 1 percent. Complimentary
findings are available at www.bigresearch.com
Contact:
Phil Rist
(614) 846-0146
SOURCE: BIGresearch
Source: Marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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