During the last two years the vast majority of consumers (92%) have changed their shopping behavior, with 89% indicating they’ve become more resourceful and 84% saying they are more precise when they shop, according to a recent study. Most of these new approaches are based on frugal spending with 65% of consumers feeling like they’re not sacrificing much. In fact, segments accounting for about 80% of shoppers actually consider the changes they’ve made the source of emotional and practical rewards so they have little intention of returning to their old ways, according to researchers.
Many consumers have turned to private labels with three in four (75%) indicating that they’re more open to trying the private labels versus two years ago. Also, eighty-five percent of consumers say they have found several store brands that are just as good as national brands.
“We continue to witness consumers creating a whole new rule book and skill set for shopping that’s based on value, not boasting of brands,” a vice chairman of a leading consumer product practice stated. “Our analysis concludes that personal gratification and a desire to feel smart about what consumers are putting in their shopping carts are trumping brand satisfaction, and that price-consciousness, value-orientation and bargain-hunting will remain prevalent for years to come.”