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| Through a shopper’s eyes, today’s economic and lifestyle environment bears striking similarities to that of the 1930s, according to a report by Information Resources Inc. (IRI). Whereas children of the Depression grew up craving stability, generations that followed dreamed instead of happiness. The company’s new research reveals that a majority or a significant plurality of shoppers will extend current shopping behaviors and values long after the recession recedes. Shoppers will adopt many of the practices that Depression-era shoppers implemented, both to weather the recession and to keep a close eye on spending, whether it’s clipping coupons, serving less expensive meals at home or even eating smaller portions. IRI has dubbed these shoppers the “Downturn Generation.” Consumers are further divided into three groups. “Optimists” believe things will get better over the next 12 months and are spending money wisely, cutting back selectively and making sacrifices as a last resort. “Maintainists” believe the economy won’t get worse but it won’t get better either; they are also spending money wisely, but are somewhat more aggressive about making cutbacks. Meanwhile, “Pessimists” believe that “if you think times are hard now, next year will be even worse,” and are cutting back wherever possible and hunting tirelessly to find deals. These insights point to new marketing strategies. According to IRI, options include shifting more merchandising out of the store and into the home, since today’s shoppers are creating lists, learning about products online, downloading coupons and making purchasing decisions before they even venture out. It’s also advised to emphasize familiar products, since the environment for new product introductions is harder than usual. Successful consumer packaged goods companies will focus on line extensions for the foreseeable future. Sources:
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