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DENVER — Monday morning kicked off with a bang at NACDS Marketplace, as SymphonyIRI Group’s Navin Gautam took attendees inside the mind of today’s value-conscious shopper.
“Delivering truly shopper-centric value is going to be key, and neither manufacturers nor retailers can do it alone,” Gautam, principal of client services for SymphonyIRI, told attendees during his presentation, titled “Inside the Mind of the Shopper: Understanding the Difference in Motivation by Generations.”
Gautam explained that a series of “shocks” have rocked the U.S. economy since 2007— such as high unemployment rates, commodity inflation, investment depreciation and the Euro-zone crisis — and have given rise to a new value-conscious consumer.
Concern over rising medical costs also has impacted the mindset of shoppers. In fact, a 2010 Deloitte survey found that only 25% of U.S. consumers remain confident that they are able to deal with future medical costs.
In light of these concerns, consumers increasingly are looking for ways to save money. For example, research showed that many shoppers are looking to save money by going to the doctor less and increasingly are self-treating (36%), and many are turning to at-home beauty treatments to curb costs (35%).
Gautam also told attendees that, according to research, the use of coupons and circulars in trip planning remains strong but there are slight differences that exist across generations. Younger generations tend to clip and use more coupons compared with older generations, who tend to research circulars.
Technology (i.e., smartphones and social media) also is changing the retail landscape and represents significant opportunities, especially when it comes to mobile couponing. For example, research showed that 75% of shoppers make a list prior to shopping, 10.6% of list makers use technology and among those list makers who use technology, 69% use a smartphone.