Consumers have reached the limits of their capacity

By: Tisza Andrea Date: 2024. 12. 16. 11:28

In August 2024 RRD came out with its Awareness-to-Action Study – conducted in partnership with Prosper Insights & Analytics – which gathered the views of more than 2,000 US consumers and marketing professionals, trying to explore how changing priorities are reshaping the marketplace and what brands need to do to stay relevant in the new economic environment, where shoppers prefer a good price-value ratio to brand loyalty.

A cikk a Trade magazin 2024/12-2025/01. lapszámában olvasható.

Price hikes are a source of dissatisfaction for everyone

Regardless of age or income level, consumers are disgruntled by price increases: 88% are dissatisfied with price rises in the different product categories. 46% find food price rises very depressing and 34% think they are somewhat depressing. 58% of consumers shop from a shopping list; 49% eat out less often but spend more on food prepared at home. 43% are willing to travel extra distance to save money. Coupons are very popular: 54% are happy to receive coupons. When it comes to shopping, price isn’t the only factor that drives purchasing decisions, as consumers seek a balance of convenience, experience and value for money. Consumers value personalised and engaging experiences such as loyalty programmes and discounts. Shoppers want convenience, value for money and personalisation from stores and FMCG brands.

Factors with the biggest influence on store and brand choice

Affordable prices are a priority for 58% of shoppers (up 5 percentage points compared to 2023). 45% of shoppers are looking for premium products offering high quality (up 4 percentage points compared to last year), while 41% value special offers (up 4 percentage points from last year). 55% of shoppers are loyal to the store where they shop the most often. This is especially true for baby boomers (61%) and affluent consumers (64%), but 45% – mainly Gen Y (50%) – are open to switching stores for the sake of greater savings. Customer loyalty is under threat from inflation and a growing appetite to save money. For 57% of consumers saving is more important than loyalty. //