How consumers are tightening their belts
As inflation continues to squeeze shopper budgets, expect to see even more dining at home and less spending on high-end food items by consumers, while retailers and manufacturers should see an opportunity for more convenient meal solutions, digital promotions and social media interactions, according to results from the Advantage 2024 Shopper Outlook survey.
Here are some highlights of the report:
- Seeking out value, two-thirds of consumers use shopper loyalty coupons and more than half visit retailer websites before going to a store. Consumers are also leaning heavily on store loyalty apps, in-store circulars, digital coupon websites and printed coupons.
- Shoppers plan to purchase more in categories that lend themselves to dining at home, such as fresh produce, snacks, meat purchased at the meat counter and frozen foods.
- Millennials, who make up the largest percentage of adult Americans, are feeling the pinch as 29% of that group with children plan to cut back on dining out while 19% of those without children also plan to eat at home more.
- The reduction of SNAP benefits and the rolling back of student loan forgiveness have affected about 20% of households, who say they will lower how much they spend on groceries as well as non-essential purchases.
Download your free copy of the Advantage 2024 Shopper Outlook report today.
Questions:
Do you have a question about our report or want to speak with an Advantage representative directly? Fill out our contact form for a prompt reply.
Media:
Please contact [email protected].
The Advantage 2024 Shopper Outlook was sponsored by Advantage Customer Experience; Ajinomoto; Pete & Gerry’s; RIOT Energy; StarKist; Daisy Brand; Musco Food Corp.; The Krusteaz Company; Reynolds Consumer Products; Upfield; and Utz Brands.