In these challenging economic times, finding a bargain has never been more important. Consumers are looking for ways to save money, as inflation hits prices at the grocery store, home market, and gas stations, and has increased the cost of living in many other areas.
However, a recent study by Slickdeals has revealed that most American consumers still prioritize the quality of a product, even if it means paying a bit more.
Slickdeals, which helps consumers find the best prices, promo codes, discounts, offers, and freebies online, recently carried out a survey of 2,000 adults to find out more about consumers’ spending habits and how they prefer to shop.
One of the key findings of this survey was that the majority of respondents said they would rather pay more for something that’s higher quality than go for a cheaper alternative. In total, three in five people said that quality is more important to them than price.
When it came to bigger purchases, quality mattered even more. Nearly 30% said they’d be willing to pay more for TVs, 34% said cars and kitchen appliances, and 26% said jewelry.
Furthermore, consumers who paid more for these items said they would be willing to spend more money on regular maintenance to ensure they stay in the best possible condition. 70% of people said they pay for regular maintenance and nearly 80% bought lifetime warranties.
Another important point raised was that cheaper items didn’t last as long. Over 60% of participants in this study said that buying a cheaper item had backfired in this way.
In response to the results of the study, Louie Patterson, personal finance manager for Slickdeals said: “A cheap upfront cost does not always mean you won’t end up paying for it later.
The concept of buying it for life can be a valuable one. Investing in a higher quality item can ultimately save you on replacement costs, as well as the time and energy spent researching and shopping for a new item.
Overlooking quality by simply focusing on price is a mistake consumers sometimes make when looking for the best deal.”