As a thrifty consumer, I’ve gotten really used to shopping at local farmers' markets for all my produce and Trader Joe’s and Whole Foods (when there's a sale!) for everything else. I love preparing a yummy, healthy meal and having it cost me far less than I would ever pay in a restaurant.
A study by The NPD Group found that most Americans feel this way. Apparently, the recent economic downturn (which has now turned right-side up, yay!) got consumers used to coupon clipping, home-cooked meals, stocking up on sale items and the like. Now, the thought of going out to eat or paying full price for anything just isn’t sitting well with them.
Remember, this is the day and age that Groupon, Living Social and other local discount deals rule supreme.
According to the NPD, 21.9 percent of consumers plan to increase their grocery spending, which is up from 16.6 percent in February, as part of this home-cooked new tradition. In addition, 74 percent of shoppers expect coupons and special deals to be a big determining factor in what they purchase, while 67 percent said they shop less in general and 53 percent buy in bulk.
Looks like the “downturn” helped consumers get very clear about where they will and won’t spend their cash. Now, it’s simply an opportunity for retailers to meet consumers where they’re at in this next phase of our economic journey.
So, how can retailers and grocers – in particular – benefit from this shift in consumer spending and priorities? Leave us your thoughts here!
-Heather Strang
*Photo by: Ryan Lintelman (Own work) [Public domain], via Wikimedia Commons