Inmar Intelligence, a data-driven, technology-enabled services company, today released findings from a new survey of 1,000 U.S. adults, which shows that 89 percent of shoppers have noticed an increase in prices of groceries and everyday household items that they regularly purchase, and 68 percent have gone so far as to shop at a different store for these items because of this price jump.
According to recent figures from The Consumer Price Index, ‘all items’ have increased 4.2 percent over the last 12 months - the largest 12 month increase since September 2008. Additionally, the food index increased by 0.4 percent in April for both home-cooked meals and dining out. Today’s consumers are eager to get out of the house for their shopping, whether this is due to the increase in vaccinations or lessening of business restrictions, but they are still searching for value. While half (51 percent) of shoppers understand these are tough times and rising prices are a reflection of challenges faced, 41 percent believe that brands and retailers should find solutions to prevent rising prices for consumers. If not, they’ll have no problem switching stores to save money, as indicated above.
Store brand products have also become a staple in consumer’s shopping carts. Eighty-six percent of shoppers purchase these store brand products to save money. Beyond this, shoppers are eagerly joining loyalty programs and considering joining wholesale discount clubs to get the best deal out there. Fifty-two percent of shoppers have joined more than one loyalty program offered by grocery stores due to rising prices and 52 percent of shoppers are considering joining a wholesale discount club to save money on purchases.
“The rising cost of groceries in the U.S. has certainly not gone unnoticed by today’s consumers,” said Spencer Baird, EVP and President of Inmar Intelligence's MarTech division. “Shoppers are returning to physical stores and restaurants – but at the same time, still recovering from a global pandemic and expect to get value from their shopping experiences. The survey findings show just how quickly a consumer will change shopping habits in the name of cost-savings. This should be a wake-up call for retailers, who must work to provide a seamless omnichannel experience with personalized promotions and coupons, to maintain and strengthen that customer relationship.”
For decades, Inmar Intelligence has played a critical role in helping retailers make business decisions. Inmar Intelligence works to support retailers’ development and execution of an omnichannel shopping experience to meet rising consumer demand for personalization. While the pandemic accelerated the evolution of consumer buying behavior and trends, leaving some businesses flat-footed, Inmar Intelligence’s platform is able to meet these changing demands. With a technology infrastructure designed to execute machine learning and artificial intelligence at scale, Inmar Intelligence generates actionable insights to better inform planning decisions.