A Moment of Their Time
Shopping is no longer the sport it used to be. Today’s time-starved consumer no longer sees shopping as a leisure time activity. Buyers horde their free time even more than they hold on to their disposable income. Time has become the currency of the 21st Century.
A number of studies show that consumers’ time for retail is tightening. In her study, How America Shops (2002), Wendy Liebmann of WSL Strategic Retail found that while the average shopper in 2000 frequented 2.9 outlets per week, two years later it was only 1.9 stores. Paco Underhill, founder and CEO of Envirosell, Inc., and author of Why We Buy and Call of the Mall notes that although during the past 25 years we have doubled the number of square feet of retail space per shopper in the U.S., the average time spent in a mall has dropped to less than one hour. In studies of hundreds of thousands of consumers in all retail channels, Underhill found that buyers spend 11.27 minutes in a store while non-buyers only stay for 2.36 minutes.
Wow! That’s life in the fast lane.