IRI has introduced a new quarterly Consumer Connect survey to gauge consumers’ financial confidence and understand how their financial situation is impacting the way they shop for, purchase, and consume consumer packaged goods (CPG) products. The inaugural Q1 2016 findings reveal that 67% of consumers feel their financial health will improve in the next six months, and this sunny outlook is giving consumers the confidence to loosen their purse strings a bit and splurge.
However, these “splurges” are not impulse buys; they are more about making informed choices. For instance, 55% of these optimistic shoppers say they will pay more for food and beverage solutions that provide added benefits beyond basic nutrition, such as vitamins, minerals, and extra protein.
The Consumer Connect survey also unveils the reasons consumers are choosing to shop in specific retail channels. Features such as proximity, assortment, and service will always play a key role in channel selection, but consumers also are saying the following are important or very important to their channel selection decisions:
59% want a good selection of prepared/easy-to-prepare meals
53% desire a good selection of local/artisan food and beverage options
53% are looking for a variety of gourmet food and beverage options
While shoppers are making some splurges on specific products, they are still looking to keep their budgets in check for those everyday pantry items. For example, 58% generally purchase the lowest-priced option when buying groceries, and 42% often select food and beverage products that aren’t their preferred brands because they have a coupon.
