June 29, 2012
New Report on Shopper Behavior and Spending Finds Consumer Market Continuing to Diverge as Economic Climate Recovers: "The Why? Behind The Buy" Report Helps Consumer Goods and Retail Marketers Understand Shoppers' Needs
Acosta Sales & Marketing, a full-service sales and marketing agency in the consumer packaged goods industry, has released its bi-annual The Why? Behind The Buy report. Compiled by AMG Strategic Advisors, Acosta's growth strategy consulting unit, the research shows that the sluggish economy continues to divide consumers into two income groups, further influencing current purchasing trends. The study provides valuable insights into the behavior and buying patterns of today's shoppers, as well as actionable tips to help consumer goods and retail marketers adapt to the ever-evolving shopping landscape. Among the key findings of the survey is that today's consumer is a multichannel shopper, moving across store channels to find the best deals and products, which is especially prevalent among higher income shoppers. In addition, the study reveals that shoppers are creatures of habit, with 84 percent buying what they have bought before and three out of 10 planning to continue purchasing store brands even when their budgets increase. "Today's purchasing and marketing trends are reflective of a continued challenging economic climate," said Acosta president and CEO Robert Hill, in a news release. "Shoppers are still budget-conscious, leading marketers to use discounts to spark demand. By helping CPG and retail marketers truly understand current and future shopper needs, and providing strategies to address them, The Why? Behind The Buy can help them capture a greater share of consumer dollars."
More key findings from the study:
- There is a pronounced "Tale of Two Shoppers." Despite divergent shopping behaviors, shoppers with annual incomes of less than $45,000, and shoppers with annual incomes over $100,000 are making purchasing decisions based on similar factors, including price:
- 55 percent of shoppers bought more items on sale than last year
- 71 percent of shoppers plan their trip before going to the store
- 88 percent of shoppers have bought Buy One, Get One offers
- 50 percent of shoppers cut coupons
- The average monthly grocery budget has increased 11 percent to $309, reflecting higher unit prices. Shoppers are spending three times more on groceries than on eating out.
- The influence of digital marketing continues to grow as shoppers strive to increase productivity. Shoppers primarily use digital for pre-trip planning, with 36 percent of shoppers logging onto home computers, mainly to find coupons, and 20 percent of shoppers visiting brand and retailer websites.
The Why? Behind The Buy was produced with research from a random sample of 1,098 shoppers via Acosta's proprietary ShopperF1rst online survey. Access the full report here.