Consumers continue to redefine value
A shopper experience study underway in the United States has shown that consumers are beginning to define value differently than before. More often consumers are attributing value to price, where the past couple months it was defined as an equal balance between quality and price, the researchers from Integer Group and M/A/R/C Research advised.
“Across all channels, shoppers continue to report buying cheaper items lately, compared to three months ago,” said Randy Wahl, executive vice president at M/A/R/C. “We believe it’s safe to predict this trend will continue through the holidays as consumers are trading down, using purchasing tools like coupons, and seeking out cheaper prices.”
Study respondents say three out of five brands that best communicate value to them are retailers. Consumers also ranked top value brands within their respective category, with Kellogg’s for the food and beverage category.
“The findings suggest that consumers still seem to be buying their favourite brands, but are looking elsewhere for a better price,” said Craig Elston, senior vice president, The Integer Group. “For example, a consumer may not want to compromise on a trusted brand such as Nike so they will decide to buy at Walmart instead of a department store in order to save money, allowing them the comfort of still being able to purchase what they believe to be their top value brand.”