With the economic climate the way it is, there is no doubt that consumer’s shopping habits have changed in every aspect of their lives and the grocery store is no exception. Here are a few consequences of the grocery store market, based on polling data and expert opinion:
In Search of Cheapness – A Synovate report, based on July polling, states that:
- 65% of US consumers believe that grocery items are “overpriced and should be cheaper.”
- 78% “will switch food brands in I find a cheaper alternative.”
Cooking is no Alternative – A new research study by The NPD Group (“Eating Patterns in America”) has thrown out the notion that people have been spending more time cooking at home due to the economy. Instead, people have been microwaving, not cooking their way through the recession.
Healthy Eating as Casualty – The NPD Group also found that healthier eating was “one of the big casualties” of the recession. Since heathly eating comes at a higher price it is not a total shock that this is one of the areas that has been the most negatively affected.
Price is Not the Only Factor – Synovate has found that consumers are buying in bulk, using more of their pantry items and “trading down” to lower priced products, in lieu of their old luxury items, in order to save money. Synovate also found that price is not the only factor and advertisers still need to forge an emotional connection with consumers, as well as helping the consumers to understand the perceived value of their brand.
For more from this article, go to: http://www.adweek.com/aw/content_display/news/agency/e3iea9ebb170ad87d30072da9b485fc00f4
For more information on the Synovate report, go to: http://www.synovate.com/insights/infact/issues/200910/
For The NPD Group’s research findings, including learning about the Eating Patterns in America report that comes out later this year, go to: http://www.npd.com/corpServlet?nextpage=food-beverage-special-reports_s.html