NEW YORK—The demand for discounted prices is top on U.S. consumers’ shopping lists this year, replacing in-store deals and private labels that were high priorities in 2010, according to the Deloitte/Harrison Group annual American Pantry Survey.
Nearly 30% of consumers report at least seven of 10 items in their shopping cart is discounted, and 80% do their own research and have a pre-determined price-point and a potential savings amount in mind before they step into a store. Sixty-six percent of consumers shop when they know products will be on sale.
Survey results reveal 86% of consumers believe they are getting more precise in what they buy, and 80% of consumers say they have become more efficient at getting in and out of the store in 2011. Nine in 10 shoppers know what they're buying before they arrive at a store, and 83% have a set of brands in mind that they will consider. Moreover, 80% of shoppers indicate the recession has caused them to realize what brands they care about and which ones they don't.
According to Pat Conroy, vice chairman, Deloitte LLP and consumer products sector leader, this new mindset opens the door for CGP companies to engage with shoppers prior to the time of purchase.
“With the proliferation of online shopping, smartphones and social networking, it's vital that consumer product companies consider the use of highly targeted pre-store shopper engagement programs, which could include constant communication through new technology mediums," he said.
Survey results also found 49% of shoppers are no longer interested in trying private labels or store brands, 88% of consumers claim they have established which store brands and private labels are good, and which ones are not.
