Watch for Shifting Habits

I heard about a survey this week which caught my attention. It was conducted by the New American Food Pantry regarding grocery shopping. Its conclusion was that this economy has caused grocery shopping habits to change fundamentally.

Nine out of ten surveyed believe that the recession will last another year. The recession has caused them to spend less, but they don’t sacrifice. Instead, they are now smarter about what they need and want. They buy less on impulse. Interestingly, they state that they will not change back to their old habits when the economy improves.

Here are some additional findings:
86% are more precise in what they buy,
80% are more efficient in getting in and out of stores,
managing their time instead of money,
63% decide what brands to buy before they enter the store.

The top five must-have items upon which the respondents are unwilling to sacrifice include pet food, candy, condiments, household cleaners, and beer. They are most willing to sacrifice on frozen pizzas and meals, bottled water, paper towels, sauces, and salty snacks.

More men are doing the grocery shopping than in the past. According to this survey, ten years ago twenty percent of men did the grocery shopping. Today that figure has doubled to forty percent. That means twice as many men are in the grocery store today than ten years ago. At least one of men’s habits do not fit the rest of the survey. They are less health conscious, more brand conscious, and, unlike women, more willing to buy on impulse.

Coupons have generally lost favor with shoppers due to the time it takes to find, clip, and handle them. Today, shoppers prefer loyalty cards. They like to be rewarded for their continued patronage of a business.

Whether you sell food items or not, this survey is important to your business. It indicates that we are doing business in an economic climate in which people’s buying habits are shifting. That shift is affecting your business, too.

How is your business being affected?

The only way to find out is to ask your customers.