03.31.11
Fewer consumers are switching brands to catch a sale and trading down to private label options, hinting at glimmers of optimism in a marketplace still marked by high levels of caution and frugality, according to findings from a new survey series from SymphonyIRI. However, the number of consumers engaging in preplanning activities, such as coupon clipping and list making, remain virtually unchanged and are very much a part of consumers’ grocery shopping rituals.
These results point to conservative, yet cautiously optimistic, shopping strategies that characterize SymphonyIRI's inaugural MarketPulse survey, which is an evolution of its Competing in a Transforming Economy analysis series. SymphonyIRI released survey results at its Summit 2011 conference, which was held at Miami Beach's Fontainebleau Hotel.
"An economy in transition to recovery is as tricky to navigate for CPG, retail and healthcare leaders as an economy moving into recession," said John Freeland, president and chief executive officer, SymphonyIRI. "Some shoppers are retaining their frugal ways, others are spending more freely across the board and others still are spending more on some types of products, but remaining tight fisted about others. They are also re-evaluating where they purchase their products and updating their definition of value.”
"This review of product and retail value proposition provides an outstanding opportunity for manufacturers and retailers willing to analyze carefully discrete shopper microsegments and understand the motivations and drivers of each,” continued Freeland. “SymphonyIRI's new quarterly MarketPulse survey will provide decision makers with an important barometer on shopper activities."
Statistics from SymphonyIRI's MarketPulse survey point to consumers holding the purse strings just a bit less tightly in their day-to-day lives:
•60% of shoppers are eating out less often, as compared to 65 percent at this time last year;
•52% try to make personal care products last longer, versus 63 percent in 2009;
•49% visit hair salons less often, as opposed to 55 percent last year.
Still, grocery shopping is characterized by very deliberate and well thought out behaviors. For example, two out of three shoppers today are making shopping lists prior to visiting the store, consistent with trends in 2010
Other survey results indicate that consumers are shifting back to their favorite brands, though value remains essential:
•38% of consumers in 2011 are giving up their favorite brands to save money, versus 46% in 2010;
•64% in 2011 state price has become a more important consideration than convenience in brand purchases, a decline of six points versus 2010; and
•36% of consumers are actively seeking out private label brands to save money today, versus 44% in 2010.
SymphonyIRI’s MarketPulse survey also researched respondents’ predictions regarding their personal financial situations over the next 12 months. In other findings, consumers are beginning to embrace new media, such as social networks and brand Web sites. In the coming year, nine percent of consumers expect that their brand decisions will be influenced by information gathered via website or e-mail, versus five percent for blogs or social networking sites. These figures remain largely unchanged versus 2010.
SymphonyIRI will provide new survey results at the end of each calendar quarter, covering shoppers’ behaviors and attitudes as it directly relates to their strategies for learning about, purchasing and utilizing CPG and healthcare products, as well as information regarding perceptions of economic conditions and the ability to provide for their families.
More info:http://www.SymphonyIRI.com
These results point to conservative, yet cautiously optimistic, shopping strategies that characterize SymphonyIRI's inaugural MarketPulse survey, which is an evolution of its Competing in a Transforming Economy analysis series. SymphonyIRI released survey results at its Summit 2011 conference, which was held at Miami Beach's Fontainebleau Hotel.
"An economy in transition to recovery is as tricky to navigate for CPG, retail and healthcare leaders as an economy moving into recession," said John Freeland, president and chief executive officer, SymphonyIRI. "Some shoppers are retaining their frugal ways, others are spending more freely across the board and others still are spending more on some types of products, but remaining tight fisted about others. They are also re-evaluating where they purchase their products and updating their definition of value.”
"This review of product and retail value proposition provides an outstanding opportunity for manufacturers and retailers willing to analyze carefully discrete shopper microsegments and understand the motivations and drivers of each,” continued Freeland. “SymphonyIRI's new quarterly MarketPulse survey will provide decision makers with an important barometer on shopper activities."
Statistics from SymphonyIRI's MarketPulse survey point to consumers holding the purse strings just a bit less tightly in their day-to-day lives:
•60% of shoppers are eating out less often, as compared to 65 percent at this time last year;
•52% try to make personal care products last longer, versus 63 percent in 2009;
•49% visit hair salons less often, as opposed to 55 percent last year.
Still, grocery shopping is characterized by very deliberate and well thought out behaviors. For example, two out of three shoppers today are making shopping lists prior to visiting the store, consistent with trends in 2010
Other survey results indicate that consumers are shifting back to their favorite brands, though value remains essential:
•38% of consumers in 2011 are giving up their favorite brands to save money, versus 46% in 2010;
•64% in 2011 state price has become a more important consideration than convenience in brand purchases, a decline of six points versus 2010; and
•36% of consumers are actively seeking out private label brands to save money today, versus 44% in 2010.
SymphonyIRI’s MarketPulse survey also researched respondents’ predictions regarding their personal financial situations over the next 12 months. In other findings, consumers are beginning to embrace new media, such as social networks and brand Web sites. In the coming year, nine percent of consumers expect that their brand decisions will be influenced by information gathered via website or e-mail, versus five percent for blogs or social networking sites. These figures remain largely unchanged versus 2010.
SymphonyIRI will provide new survey results at the end of each calendar quarter, covering shoppers’ behaviors and attitudes as it directly relates to their strategies for learning about, purchasing and utilizing CPG and healthcare products, as well as information regarding perceptions of economic conditions and the ability to provide for their families.
More info:http://www.SymphonyIRI.com