Recession: Not Such a Downer for Shoppers
As the Recession looms, American shoppers are tightening their belts, getting resourceful about shopping, and loving it! In fact, Deloitte’s 2010 American Pantry Study reports: 81% of those surveyed say they find saving money, using such techniques as coupons or loyalty programs, fun.
Shopping is a whole new game for the creative consumer. It’s not just about saving money; it’s more calculating and precise. They are using a lot of tactical tools and strategies to maintain the bottom line, including: coupons, loyalty cards, meal planning shopping lists, brand switching channel switching, store switching, cooking more, eating out less, clarifying want versus need, and more.
Key statistics indicate a paradigm shift in the way U.S. consumers feel about shopping:
•93% expect to continue to continue spending cautiously even when the economy improves
•92% have made some kind of change in their pantry-related shopping habits
•89% feel they have become more resourceful because of the economy
•84% have become a lot more precise in what they buy
•81% find it fun to see how much they can save with coupons or loyalty cards
•55% of those cutting back suffered no decline in income, but simply felt they “should be” cutting back
Source: The 2010 American Pantry Study, Deloitte Knowledge Co, LLC and Harrison Group
What does this mean for marketers? With brand loyalty waning, and price point becoming the most important factor in decision-making, business need to be resourceful with their marketing dollars and focus on tactics that are market-share, advertising based, and point of purchase promotion oriented.