• by Sarah Mahoney  @mahoney_sarah, January 31, 2011

Consumers may be working their way back to optimism, but new research from Nielsen shows they're also wary, redefining the way they see value in this uneven recovery.

While U.S. consumer spending is climbing faster than expected -- with the U.S. Commerce Department reporting that spending rose at its fastest pace in three years -- Nielsen reports that shopping habits are quite different by income level. Among households earning $100,000 or more, the number of shopping trips is up 5%, and the amount spent on each trip is up 4%, Nielsen's James Russo, VP/Global consumer insights at Nielsen, says in a presentation. But for all other households, both categories fell, with the declines steepest among those earning less than $20,000 per year.

And while young people tend to be the most optimistic, concerns about jobs remain No. 1 across all age groups.

As a result, people are still shopping with restraint and pragmatism, albeit at relaxed levels. While last year, 68% said they were intent on saving on gas and utilities, that figure is now 52%. Last year, 66% were looking to cut back on entertainment spending, now it's 37%. In the prior year, 41% vowed to use their car less; now its 23%.

Russo describes it as a transition between recession thinking ("I'll trade down even if it means sacrificing what I really want") and recovery thinking ("I will weigh the costs/benefits of my spending.")

That means consumers are redefining value. Yogurt is a great example, he says. "Despite the 121% higher average equivalized price of Greek yogurt compared to non-Greek yogurt, sales continue to skyrocket. Over the 52 weeks ending Oct. 2, 2010, Greek yogurt dollar and unit sales were up 160% and 203% respectively, while non-Greek yogurt dollar and unit sales were up 3% and 1%. Clearly, people are making a statement with their wallet, and according to buzz data, benefits beyond price are driving factors."

Consumers see Greek yogurt as healthier, more convenient and better tasting: "Remarkably, apart from a relatively small subset of total category buzz related to deals and coupons, most of the conversation deals not with price but instead with the benefits of Greek yogurt."

Russo says consumers will continue to buy products they perceive as better even if they do cost more, as long as marketers deliver innovation, such as convenience. (Chains like Meijer and Publix are testing online ordering and store pick-up service, for example.)

Marketers also need to be increasingly aware of the shopping clout women have around the world, he says, and also the impact of the fast-growing global middle class. "By 2020, the global middle class will be a staggering 52% of the world's population," he says. "The middle class is growing by 70 million each year. By 2030, 79% of the middle class will be in the developing world."