Vyze, a cloud-based FinTech for retailers, announced Thursday (June 8) it released its third annual Retail Credit Survey of consumer behavior, which finds consumers are increasingly aware of retail credit and store cards, with eight out of 10 (78 percent) shoppers today aware of financing options that retailers offer, up from just 51 percent two years ago.
In a press release, Vyze said the survey also revealed consumers continue to show loyalty to retailers with whom they have store cards, with 40 percent saying they are more likely to shop at that retailer again. The survey also found that there is room for retailers to improve upon their credit offerings, with 56 percent of survey respondents in the U.S. saying they never applied for retail financing either online or in a store, including 50 percent of those Americans who make more than $100,000 each year.
Among the other findings by Vyze of consumer behavior is that six out of 10, or 62 percent, of survey respondents have a store card in their wallet, while 30 percent have two store cards or more. What’s more, consumers want choice when it comes to financing a big purchase, with 40 percent saying they use a traditional credit card, 17 percent citing monthly payments plans, 13 percent using store cards, 4 percent taking advantage of layaway and 2 percent who use lease to own to purchase high-priced items. Among Gen Z shoppers, the survey found 52 percent are interested in ways to purchase things beyond a traditional credit card; nearly 60 percent of millennials share this statistic. That compares to 42 percent of overall respondents who are interested in alternative financing options.
Vyze found Amazon wins when it comes to store cards, with 32 percent of survey respondents having one. That compares to 30 percent who own a Target store card and 24 percent a Macy’s card. Millennials prefer Amazon to the tune of 48 percent, while 44 percent like Target and 29 percent own a Costco store card.