Big Lots(US:BIG) Prnewswire·2024-08-09 15:38Core Insights - The article highlights the significance of bargain shopping, revealing that 85% of shoppers engage in it for the thrill of finding deals, while 62% find it therapeutic [4] - Big Lots, Inc. is launching new initiatives during National Bargain Hunting Week, including daily "Bargain of the Day" promotions featuring discounts of 20% to 75% on various product categories [3][4] Company Initiatives - Big Lots is celebrating National Bargain Hunting Week from August 12-18 with a series of new bargain-focused initiatives [2][3] - The company will introduce a daily "Bargain of the Day" featuring newly sourced closeouts, overstocks, and liquidations across multiple categories [3] - Shoppers can join BIG Rewards for free to receive updates on daily bargains [3] Consumer Behavior - A survey conducted by Big Lots found that 69% of shoppers engage in bargain shopping out of habit, with top merchandise categories including apparel (84%), pantry items (78%), seasonal products (78%), décor (75%), furniture (62%), and electronics (60%) [4] - The majority of shoppers (80%) regularly shop for pantry bargains at 2-3 retailers within 20 miles of their home, with 54% making 2-3 trips per month for pantry essentials [5] Market Position - Big Lots, Inc. is positioned as one of America's largest off-price retailers, offering a wide range of products for the home at competitive prices [6] - The company sources its bargains through creative methods such as closeouts, overstocks, and manufacturer liquidations [6]