Are retailers out-of-step with consumers when it comes to price?

October 31 2019 by George Anderson for Retail Wire

A recent survey of senior retail executives and consumers found that both groups are in agreement that quality is the most important factor in purchasing decisions. There is a big disconnect between the two, however, when it comes to the importance of price in deciding what to buy.

Only 20 percent of executives think pricing is most important in purchasing decisions. Way more consumers (40 percent) say price is the most important factor in deciding what to buy.

Price perceptions are also in stark contrast between the retailers and consumers surveyed. Only twenty percent of retail executives think consumers believe prices are going up online and in stores. Consumers see this differently, with 51 percent reporting online prices increasing and 60 percent saying that they are paying more for in-store purchases.

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