Shopping Strategies Change As Recession Lingers On

Shopping

As the slow moving economy lingers on, consumers are adjusting their shopping habits.  Marketers and retailers are adjusting too, trying to keep ahead of ever changing attitudes and needs.

A new study was released today by the Deloitte and Harrison Group.  In the study, named the  “The 2010 American Pantry Study: The New Rules of the Shopping Game”, it was discovered that 92% of the consumers surveyed had changed their shopping habits over the last two years.  89% said they had become more resourceful, and 84% said they are more precise when shopping.

With a strong economy over the last decade, shopping decisions had become more impulsive.  Now, decisions appear more strategic, more informed, even calculating, according to the study.

65% seemed satisfied with their new approach to shopping, saying they were not sacrificing much. 79% feel smarter about the way they are shopping as compared to how they shopped two years ago.  93% said they would remain cautious and continue their current shopping habits, even if the economy improves.

“The extent and duration of the recession has given people the motivation to learn and adapt new strategies,” said Dr. Jim Taylor, Harrison Group’s vice chairman and director of syndicated research. “Consumers are using more discount strategies, such as coupons and store incentives, and are consulting with their family about which brands really matter to the family’s sense of well-being and where family members will trade price for brands. It’s not disloyalty to brands, per se; it’s loyalty to family need. As a result, people are shopping more stores, looking more carefully at the ingredients, cooking more from scratch and substituting store brands. Family gratification has replaced product satisfaction as the ‘go-to’ goal for America’s shoppers.”

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Cassie is back! One of our founding writers, Cassie has returned to write for NFS after taking some time off to travel across Asia. Cassie has a BS in Journalism and loves all things entertainment. If it has to do with games, movies, tv, or travel, she's on it.