Generational differences abound in grocery shopping behavior, reveals Acosta Sales & Marketing [download page] in a new report. The study indicates that younger shoppers tend to be less loyal to brands: 42% of Millennials (born between 1982 and the early 2000s) say they’re buying more store brands to save money, a figure that drops to 36% among Boomers (born between 1946 and 1964) and just 26% of Silents (born between 1925 and 1945).
Although they make the most number of routine shopping shopping trips per month (4.1 on average), Millennials have the smallest average monthly grocery spend.
At $252.60 per month, Millennials trail Silents ($263.70) and Baby Boomers ($295.50) in average monthly grocery spend, with Gen Xers (born between 1965 and 1981) spending easily the most ($323.10).
As recently as late 2010, mobile commerce was only 3% of e-commerce. By the end of last year’s holiday shopping season, that number had risen to 11%. That’s approximately $18.6 billion in consumer spending – and that doesn’t even include travel-related purchases.
New mobile merchandising trends — merchandising being the art of selling people products they didn’t know they wanted — like mobile catalogs and coupons are helping to drive this explosion.
In a recent report from BI Intelligence, we examine the main reasons why mobile commerce is exploding, and analyze the new mobile merchandising trends — like mobile catalogs and coupons – that are contributing to this growth.
Take a look at this chart that illustrates the widespread usage of mobile coupons:
The role of mobile coupons in driving mobile commerce will only continue to grow:
- The number of U.S. smartphone users using mobile coupons has increased dramatically – from 7.4 million in 2010 to 29.5 million last year. By 2014, that number is expected to surge to 47.1 million.
- Mobile coupons are being used across the gamut in retail: 41% of mobile coupons users said they had redeemed coupons at the grocery store, 41% said they redeemed coupons at department stores, and 39% at clothing stores.
- And that’s barely scratching the surface: In 2012 there were 305 billion consumer packaged goods coupons (CPG), print and digital, distributed in the U.S. — a number that remained unchanged from 2011. Roughly 90% of CPG coupons were distributed as free-standing print inserts in publications, while digital coupons represented less than 1% of the total.
No matter how thin your wallet is, you’re probably not willing to sacrifice beauty to save.
Less than one-fifth of 25,000 respondents from 51 countries say they’d buy cheaper health and beauty products for the price, according to a survey by Nielsen, a global information company.
Meanwhile, 61% chose “good value” over “low price” for any retail products their families may need, meaning a generic brand of bread may get passed over for a loaf of tastier (and possibly healthier) Pepperidge Farm bread.
“Value is not about price alone,” James Russo, vice president of Nielsen’s Global Consumer Insights, said in a statement. “Retailers and manufacturers who offer good values tailored around benefits of the product beyond price will resonate with consumers who continue to look for ways to stretch their money in a tough economy.”
The study found product preference also depends on where the respondents live, with those in Asia Pacific, Europe, Latin America, and North America preferring good value over lower prices, and those living in Africa and the Middle East choosing price over value.
But just because North Americans prefer value over lower prices doesn’t mean that they’re willing to pay full price. In fact, Americans are among the world’s leading coupon-users, followed closely by China and Hong Kong.
We also buy in bulk more than anyone else in the world. According to Nielsen’s chart below, the main reason Americans visit the grocery store is to stock up, whereas a quick trip to replenish products is more popular in other parts of the world.
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Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.
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