According to a new study by MarketTools Inc., there is a spike in cost-conscious shoppers. As reported in Progressive Grocer, more and more people are changing their shopping habits to stretch the ever-so-precious dollar.
People are saying they buy items with coupons, buy store brands vs. name brands, swipe loyalty cards more often for discount purposes and even only buy items when they are on sale or in-bulk.
Technology is also playing a role in all of this. With the need for the right price, consumers across the demographic spectrum are using their smartphones for price checks. They are also online to find various daily deals and printable coupons.
Drug Store News reported that a study conducted by Integer Group and M/A/R/C Research has found that 9 out of 10 shoppers are still impulse buying. But, motivations are caused by a sale or promotion, a coupon and even the idea of pampering themselves.
Falling in line with spending less, a recent Shoppers Trend Report by RetailMeNot found that consumers are less likely to spend more on eco-friendly products. According to the report, 46% of consumers would like to buy products based on their benefit to the environment, but 60% of them are unwilling to spend more on those particular products.
During these economic times when consumers are evaluating the value of brands and product categories, brands must:
- Continue to evaluate the right price and promotion strategy .
- Not go so far that your consumers come to expect that your product will always be on sale.
- Keep in mind that many surveys have shown that heavy coupon users and sale shoppers are the least brand loyal.
Photo credit: Jess Damen