As per the recent report by NPD, a leading global information company, nearly two thirds of all American buyers shop at off-price stores. They also happen to be hard-core apparel buyers and represent 75 per cent of apparel purchases across all retail channels.
NPD’s receipt mining service, Checkout Tracking has found that consumers above 45 years of age represent more than 50 per cent of off-price apparel buyers. This age group along with older millennials (aged 25 to 34 years), which represent 16 per cent of off-price apparel buyers, have increased their share of off-price apparel purchases over time.
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“Off-price retailers are resonating with fashion and cost-conscious consumers alike, and are stealing department store business for good reason,” said Marshal Cohen, Chief Industry Analyst, NPD Group, adding, “Off-price is second only to the online channel in terms of growth rate.”
In another report by NPD’s Shopper Insights Service, the shopping visits made to off-price retail stores – whether a consumer made a purchase or not – increased by 4 per cent in the year ending April 2016 compared to the same period last year. In the same period, off-price retailers converted 50 per cent of footfall into a purchase.
