Americans still cutting back on luxury buys
Americans are shopping at several different grocery stores to get the best deals and are cutting back on “luxury” purchases, including premium seafood items, according to a new report.
The report, “Reaching Today’s Cost-Conscious Consumer,” was based on BIGInsights’ and MaxPoint Interactive’s survey of 1,000 shoppers.
The survey found that 24 percent of shoppers have cut back on purchasing prime cuts of meat and seafood as well as candy, baked items and frozen dessert items.
“Consumers are saying that prime cuts of seafood and meat, such as filet mignon, are not really a necessity right now. Most likely, the shoppers that are cutting back are waiting to buy seafood and meat until there is a good deal,” said Dianne Kramer, senior analyst for BIGInsights.
In addition, consumers’ average monthly spend on groceries rose from USD 250.94 in August 2007 to USD 277 in August 2011.
Cutting back on indulgent purchases is just one of the many changes consumers have made over the past year. More than 40 percent of moms and consumers aged 25 to 54 said they began shopping multiple grocery stores in the past year in order to find the best prices and deals. More shoppers said they are shopping at discount retailers, including Walmart.
An impressive 38.7 percent of consumers say they are purchasing more store brand products this year, compared to last year. Even though shoppers are watching their grocery budgets much more closely, many are still buying organic products. More than 36 percent said they are purchasing the same amount of organic products this year, while 12.9 percent said they are purchasing more and 14.1 percent said they are purchasing fewer products.
Consumers are also planning ahead more and making fewer impulse purchases. More than 62 percent regularly make lists before going grocery shopping. Three out of every five shoppers decide which brand to purchase while they are in the store, based on price, coupons and special promotions.