The results of numerous recent polls and surveys have indicated that consumers have anxiety about the cost of groceries. Even so, a new study suggests that consumers want grocers to engage them on more than just price.
Research from the think tank Kearney Consumer Institute reveals that shoppers want their grocery retailers to move beyond echoing sentiments that food costs more.
In fact, Kearney reports, more than two-thirds of survey participants prioritize taste over price in grocery purchases, and nearly half look for a balance of low price and quality. Only a third told Kearney that they base their grocery purchases solely on price.
And while consumers are being more prudent about their spending, Kearney’s latest “stress index” report reveals that shoppers are also looking to selectively spend on fun new products and experiences.
Further findings suggest that a retailer’s loyalty and trust could actually be at risk if they don’t change up their messaging. The report says consumers have gotten “bored” as retailers placed so much focus on low-price marketing, and have grown skeptical of value claims as prices have risen.
How should grocers respond?
Kearney suggests what they term “promoting discovery” — make it easier for shoppers to find new things. Maybe that means paring down the number of SKUs in a particular category or revising merchandising to draw attention to unique items. Money may be tight, but consumers still want the occasional affordable luxury.
Having a reliable analytics partner that backs up high-quality data with in-store execution can help address dynamic consumer trends. Access to a broad market intelligence platform that offers guidance on products and promotion as well as pricing can help you navigate changing shopper behavior and protect that hard-earned loyalty and trust.
