Shoppers to focus on value through 2013
Feb. 26, 2013
by Keith Nunes
CHICAGO – Consumer focus on value will remain a significant trend in the marketplace at least through 2013, according to the market research firm SymphonyIRI. In the company’s latest Times & Trends report, “C.P.G. year in review: Finding the new normal,” the authors said consumers are still embracing money-saving strategies.
Value trends highlighted in the report include the fact consumers will reduce the number of retail channels they visit. Share of consumers shopping at fewer than five channels grew three percentage points between Q1 and Q4 2012, and SymphonyIRI believes the trend will continue as shoppers limit spending to channels that are perceived as offering the best value.
In addition, the group said that while an increasing number of positive economic signs are emerging, shoppers will remain intensely focused on value. SymphonyIRI cited negative news about the federal budget deficit and costs of the new health care law as two examples that will reinforce shoppers’ frugal behaviors.
The value trend will manifest itself in the realm of new media. The trend of shoppers leveraging the Internet for information and deals is growing and will continue to gain momentum as a new generation of consumers that are more technology savvy than previous generations enters the marketplace, according to SymphonyIRI.
“The nation is far from having a firm foothold on growth and stability, and consumers and marketers alike are very aware of this reality,” said Susan Viamari, editor of Times & Trends for SymphonyIRI. “Consumers’ pursuit for value is as intense as ever, and it has served to amplify industry competition. Innovation that supports key shopper rituals, such as those around self-driven, home-based living, is being well-received in the market place and will continue to help spur growth.”