Sparta, NJ – November 29, 2022 – A new consumer study from Rise Above Research has found that product quality is nearly as important as price when choosing a vendor. When study respondents were asked about the most important considerations when choosing which company to buy from, “product quality” ranked second at 62%, just behind “price” at 63%. Product quality was also the leading consideration among 25-to-34-year-olds in the study, who are the most active buyers. This shows that buyers are not simply looking for the lowest price, but that product quality is also an important factor.
The study also found that most of the respondents who bought photo products in the last year plan to buy the same products again in the next year. For example, 44% of photo book buyers said they plan to “definitely” buy photo books again in the next year, and 22% said they will “probably” buy again. Only 6% of photo book buyers said they don’t plan to buy again.
“In a market that’s often driven by price and promotion, it’s very interesting to see that product quality is nearly as important to consumers as price,” said David Haueter, director and founder at Rise Above Research. “Photo merchandise vendors must keep that in mind if they want to retain customers and not sacrifice quality just to sell more products in the short term at a lower price,” he added.
The study also found that challenges with inflation and the economy had an impact on photo merchandise buying with a significant percentage of consumers over the last year, and most of them expect the changes that occurred in buying habits in 2022 to continue into 2023.
The 2022 US Photo Merchandise Study provides the results of an extensive online survey of US consumers that focuses on buying habits and behaviors for key product areas including photo cards, photo books, photo calendars, photo wall/tabletop décor and drinkware. Respondents provided detailed information not only on what they bought and how much they spent, but also answered deeper questions of why they purchased the products they did and what their future intentions are. The impact of inflation and the economy on purchase habits was covered, and non-buyers were also asked about why they haven’t bought and future purchase intentions.
About Rise Above Research, LLC
Rise Above Research, LLC is an independent market intelligence and strategic consulting firm that supports industry vendors, service providers, and retailers with actionable intelligence to assist them in making effective decisions in fast-paced digital photography and imaging markets. Established in 2020, Rise Above Research has extensive experience providing groundbreaking market research and strategic consulting for the digital imaging industry. We have over 20 years of research experience within the photo merchandise, photo printing and digital photography markets.