By Emodo Institute
As we near the end of 2021, consumers have a lot to contend with. Inflation is the highest it’s been in three decades. Prices are up across the board, including hikes on meat, gas and other everyday essentials. At the same time, we’re seeing bottlenecks in supply chains and elevated demand for a variety of goods and services. On the positive side, more people are back to work and consumers are shopping and spending more.
Shopping behavior and preferences appear to be reflective of economic optimism or skepticism.
Paint all that with a COVID background and you end up with a very dynamic, confusing market… for marketers. One of the greatest marketing challenges may be a shift that’s occurring beneath the surface. It turns out, most consumers have divergent, deep-rooted perspectives on the economy, and their shopping behavior and preferences appear to be reflective of that division – aligned with economic optimism or skepticism.
For marketers, addressing those different perspectives may be the key to success.
A Comprehensive Look at Consumer and Category Differences
A recent Emodo Institute study confirms that across the board, even as consumer spend increases, shoppers are focusing their spend in fewer stores than they used to and opting for shorter visits to many of the stores they select. The Emodo Institute analyzed consumer perspectives and preferences pertaining to 23 different retail categories, such as grocery, electronics, furniture, convenience and discount stores. The study found that shoppers are much more likely to visit certain types of stores than others and travel farther for favorite store brands, bypassing the brand’s competitors. Additionally, the study identified determining factors for those decisions. The reasons and distances vary depending