Good news for some private-label brands and CPG brands offering discounts: the American Pantry Study, a Deloitte and Harrison Group survey of 4,086 household shoppers and food preparers in October, found that consumers expect discounts, shop for deals, know when the deals are and like (some) private-label brands just fine.
The poll found, in fact, that 80% of shoppers like to see how much money they can save via coupon use or shopper loyalty cards. Sixty-nine percent are disappointed when they discover that a brand recently purchased is on sale at another store.
The study also found that about half of the items consumers buy on stock-up trips are sale items, and about a third estimate that 70% of the items they bought on those trips were deals. Sixty-two percent said that have a good idea when products they want to buy will be on sale, and slightly more said they plan their trips around when products they want will be on sale.
The survey found that consumers feel a lot savvier than they did last year, with three-quarters of those polled saying as much. Eighty percent of them said they do their own research and have a pre-determined price point and a potential savings amount in mind before they shop. About 90% said they are becoming more precise in what they buy, and 80% said they have become more efficient at getting in and out of the store.
As far as private label is concerned, 87% of respondents cited several store brands that they think are just as good as national brands when it comes to saving money without giving up quality. A similar number said they have experimented and figured out which store brands are good and which are not as good.
But while nearly half say they are no longer interested in trying private labels or store brands, 90% said they have already figured out which store brands and private labels work for their families.
“Shoppers today expect to get a deal on the products they purchase,” said Pat Conroy, vice chairman, Deloitte LLP and consumer products sector leader, in a statement. “With this mindset it is critical that consumer products companies take measures to enhance brand loyalty by connecting early and often with key audiences in environments outside of the store.”