Shoppers Seek Deals on Big-Ticket Items Amid Economic Uncertainty
In the face of economic uncertainty, consumers are increasingly looking for discounts and deals when making big-ticket purchases, such as diamond jewelry and furniture. Signet Jewelers, the world’s largest diamond jewelry retailer, reported that customers’ demand for promotional offers is fueling engagement with their loyalty program. CEO Gina Drosos highlighted a significant increase in new users and active loyalty members, attributing the growth to personalized marketing content and messaging.
Competitors in the luxury retail space are also ramping up promotional activities to meet consumer expectations for discounts. Nordstrom and cash back platform Rakuten are seeing increased demand for loyalty offerings from customers seeking rewards for upscale purchases.
Furthermore, furniture retailers like Lovesac and Big Lots are offering discounts of up to 50% off in response to consumers holding off on purchasing big-ticket items. Companies are strategically using loyalty programs and targeted value opportunities to reduce broad-scale discounting and engage with customers more effectively.
Overall, consumers across income levels are motivated by deals, with higher-income shoppers showing a strong interest in personalized offers. As the retail landscape continues to evolve, businesses are adapting their strategies to meet the demand for discounts and loyalty rewards in an increasingly competitive market.
