A new study by Behaviour & Attitudes for Checkout Magazine finds that for the second year in a row, consumers are most likely to 'trade up' when purchasing Baby Formula or Baby Foods.
506 consumers took the survey that asked consumers in which categories they are most likely to 'trade up'(buy a more expensive product), and in which categories they were looking to 'trade down'(buy a cheaper product).
Not a single respondent said that they were looking to trade down when it came to Baby Formula or Baby Foods, with 13% and 11% respectively looking to 'trade up'. The majority of respondents (87% and 89% respectively) said that they were purchasing the 'same' products in these categories that they have always done.
Other categories in which consumers were most likely to trade up included Vitamins & Health Supplements (13%), Fresh Meat (10%), Wine (10%), Beer (9%), Cakes (9%) and Nuts (9%).
In all of these categories, however, more consumers are looking to 'trade down' than trade up; approximately twice as many when it comes to Fresh Meat (21%), for example, and three times as many Wine shoppers (30%).
The survey also found that almost three-quarters(71%) of respondents will continue to shop in 'cheaper grocery stores' such as Aldi, Lidl or Dealz even as the economic situation approves. Almost half(47%) are likely to continue switching to own brand and private label items in-store.
“We have seen over the past couple of years a gradual improvement in consumer confidence,” says Martha Fanning, director, Behaviour & Attitudes. “For a long time it felt like the mood was lifting, but there was a lack of follow through when it came to how people were behaving. Finally, we are seeing evidence of increasing spend and trading up across a much wider range of categories.
“Shoppers remain keen to extract maximum value from their food budget, but at the same time, they are clearly loosening the purse-strings on relevant categories.”
© 2015 - Checkout Magazine by Niall Swan