The New Consumer
Behaviors Related to Inflation BY J AC Q U E L I N E B A R B A
Editor’s Note: In each issue of Path to Purchase IQ, we’ll showcase a curated roundup of consumer research studies and other insights that paint a picture of emerging trends in shopper behavior in this department, called The New Consumer. This month’s installment offers a glimpse into the COVID-19 pandemic’s latest effects on consumer behavior, sustainable product purchasing trends and the trajectory of the cannabis market.
PANDEMIC’S LATEST EFFECT With inflation continuing to harshly impact U.S. consumers, recent insights from Kroger data analytics subsidiary 84.51 and its “February Consumer Digest” delved into how consumers are fighting inflation and the latest shopper trends and behavioral analytics. The report pointed out that COVID-19 concern trended downward among shoppers as cases began to decline. In February, 68% of shoppers said they were very concerned with inflation. Of those shoppers: • 56% have been looking for sales and promotions more often; • 40% have switched to a lower cost brand; and • 34% are cooking from home and 30% are going out less. If there was a need to cut back, 57% said they would cut out adult beverages, 56% would cut snacks and 46% would eliminate beauty items. However, while 56% said they have been cutting back on non-essentials like snacks and candy, the actual shopper behavior shows that units sold are flat and shoppers are still snacking. Overall, however, only 22% of consumers responded that they feel comfortable with their current financial state.
March/April 2022
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In terms of meal planning, consumers are looking for “speed and simplicity.” Many said they search for cooking inspiration. Thirty-five percent said they use Google, 33% use store ads, 21% use online sites such as Pinterest and 14% use apps on their phones.
SUSTAINABLE PRODUCT PURCHASING Marketing data and analytics company AnalyticsIQ identified sustainable shopper trends using its database of more than 241 million consumers and 118 million households nationwide. It compiled a report — dubbed “Green Personas Reach Consumers Who Put Dollars Behind Their Belief in Climate Change” — which categorizes shoppers into four “green personas” to help marketers identify the gap between intentions and behaviors. Individuals typically align with one of the four personas based on their cognitive flexibility (low or high) as well as their belief in the concept of climate change (weak or high). The personas are the sustainable living spender, climate change conscious consumers, climate change skeptic and the climate change denier. Although many consumers indicate that they are invested in protecting the environment, the majority actually overestimate their level of dedication and their willingness or ability to spend more on sustainable products, according to AnalyticsIQ’s green personas product sheet and detailed data. Sustainable living spenders score highly on both their belief in climate change and cognitive flexibility, making them the most green-motivated consumers and the ideal target for brand marketers of environmentally friendly products and services. Most consumers who fall under this persona are: • Women around the age of 52. • Highly educated and have an annual household income that’s 37% higher than average. • 26% more likely to purchase beauty products. • 21% less likely to shop at Walmart — 10% more likely to shop at Target.
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