The IBM Institute for Business Value conducted a survey of 30,000 U.S. retail consumers to understand what drives consumers’ behavior and spending patterns across several retail categories, grocery being one of many. This survey showed that consumers have changed shopping behavior but rely on retailers they trust. • 59 percent of consumers have less discretionary budgets than in the previous year
• 91 percent of consumers are sacrificing in some spending areas
• 31 percent of consumers increased spending at primary retailer over the past two years
The current market conditions have forced consumers to make tradeoffs and change their spending habits. The IBM survey data indicates that shrinking wallets have compelled shoppers to make more cautious buying decisions, restricting their purchases to essential items. Retailers must expect and plan for these modifications in behavior.
Visit http://support.stcr.com/Newsletter/ShopperAdvocacy.pdf to read more about the IBM survey and their findings.