Given the economy these past few years, that’s hardly news.
What is news is that consumers in higher income brackets have become particularly active about using additional saving strategies, specifically coupon clipping.
Of the 95% of Americans who said they plan to take active steps, 72% of them will do it through coupons, followed closely by comparison shopping for unit price (71%) and seeking out discount grocery stores (66%).
But what’s really amazing is that the study finds higher income adults are far more likely to cut back than lower income earners. Families that earn between $75 and $100,000 range adopted these changes at demonstrably higher levels: 81% use coupons vs 63%, 88% compare unit price vs 61%.
Unfortunately for national packaged goods marketers, experts expect food prices to continue rising throughout the year, making the grocery store a brutal proving ground for the strength and value of a brand.
When your most dependable label shoppers start looking to cut costs, your brand’s assets better extend far beyond the lowest common denominator of ‘good value.’
By Dennis Ryan, CCO, OLSON