Frugal Shopping Is Here to Stay
Jul-17-2010

The vast majority of consumers (92%) have changed their shopping behavior in the last two years, with 89% indicating they've become more resourceful and 84% stating they are more precise when they shop, according to "The 2010 American Pantry Study: The New Rules of the Shopping Game" released earlier this week by Deloitte and Harrison Group.

Although new approaches are generally based on spending less, 65% don't feel like they're sacrificing much. In fact, segments accounting for about 80% of shoppers actually consider the changes they've made the source of emotional and practical rewards so they have little intention of returning to their old ways, according to researchers.

Many have turned to private labels, with three in four (75%) indicating that they're more open to trying them vs. two years ago. Eighty-five percent have found several store brands that are just as good as national brands.

"We continue to witness consumers creating a whole new rule book and skill set for shopping that's based on value, not boasting of brands," said Pat Conroy, vice chairman of Deloitte's consumer product practice leader in the U.S., in a statement. "Our analysis concludes that personal gratification and a desire to feel smart about what consumers are putting in their shopping carts are trumping brand satisfaction, and that price-consciousness, value-orientation and bargain-hunting will remain prevalent for years to come."

Posted by Clay Kohut at 12:00 AM - Link to this entry  |  Share this entry  |  Print