Answer: They want it all

Headlines around the world have been focused on events relating to Britain’s loss of their longest-serving monarch, but coincidentally, it’s a different Queen that has provided us with the inspiration for this article   .

Under Pressure 

The economic planets are aligning for further financial woe [there’s a Uranus quip in here somewhere] as inflation, interest rates and prices continue to rise, and real GDP and consumer confidence fall.  

Don’t Stop Me Now

Happily for the grocery retail industry, shoppers still need to feed their families, clean their homes, clean themselves, etc. and except for the talented few who are able to grow their own food and manufacture their own cleaning materials, they all need to shop. But – as we might have expected – rising prices are taking their toll and shopping behaviour is changing.

73% of respondents in an online survey we conducted said that ‘value’ has become a little or a lot more important to them in the last few months, when it comes to shopping. A fortunate 7% said that it was actually less important than before… they must own shares in companies that install solar panels.

The fact that nearly three out of four shoppers are prioritising value more than before was not really surprising to us. We also expected that this would imply a de-prioritisation of other shopper needs, e.g. the need for convenience, or the need for a great shopping experience. 

On the contrary, shoppers literally “want it all”. 

That’s a lot of raised expectations. 

The Show Must Go On

So shoppers continue to shop, and retailers and brands continue to scramble to meet these expectations, because the power truly has shifted to the shopper, even under their straitened   circumstances. Stores are awash in promotions, special deals, loyalty benefits, smaller packs at lower prices, bigger packs with bulk discounts, and even retail features that might one day have fallen under 

the heading of ‘convenience’ are being pitched as bringing ‘value’ to shoppers, such as stores closer to where shoppers live that cost less to travel to, and delivery of online purchases costing less than the petrol required to drive to the store. 

We are the Champions

So in keeping with the Freddie Mercury / Queen theme, check out our FMCG Shopper Marketing report to see which retailers we consider worthy of claiming ‘we are the champions’    , based on how they are responding to shopper needs. 

The report also includes retailer profiles, where shoppers shop when on different missions, and which retailers ‘share’ the most shoppers (since shoppers don’t stick to one retail chain). 

For more information on the report, click here.

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