By NCS Marketing
Consumers are very focused on saving money in the new year, and it’s definitively impacting their choices at the grocery store. That’s a key finding from a recent consumer sentiment survey commissioned by NCSolutions (NCS). The survey explored how U.S. consumers are approaching New Year’s resolutions, why they prefer certain brands over others, how inflation impacts their consumer packaged goods (CPG) shopping habits and how they respond to different types of advertising.
Americans are thinking about the quality of the brands they buy and deciding if that quality is worth the extra dollars at the cash register. They’re considering where they spend their money to ensure they’re taking advantage of the conveniences they enjoy — all while striving to save money in the long run.
Use these findings to understand what consumers are prioritizing as they shop at the grocery store in the new year and build a strategy that helps you reach the audiences most likely to buy, ultimately driving more return on ad spend for your campaigns this year.
#1: SAVING MONEY
We asked consumers to select multiple goals for the new year and the findings are clear. Saving money is consumers' first priority, followed by exercising, eating healthier, losing weight and spending more time with family and friends.
CPG Brand Action: Offer promos and coupons to keep your buyers buying your brands and help consumers save money.
#2: HOME COOKING
Four of consumers’ top five goals for 2023 are related to financial and physical health. These priorities are likely to send more shoppers into the grocery store, as more than half of consumers say they plan to cook at home more often this year.
CPG Brand Action: Keep your brand top of mind for consumers choosing to cook more at home.
#3: CONVENIENT WAYS TO SHOP
The pandemic introduced shoppers to online grocery shopping and delivery services. Today many say they plan to stick with these convenient shopping ways. Nearly half, who already use online grocery ordering and delivery services, say they plan to continue to use these services as much or more often than last year.
Yet, many consumers still prefer to shop in the store. Forty percent say they don’t order groceries online and 32% don’t order items for delivery.
CPG Brand Action: Drive your most likely buyers to the store by letting them know about upcoming online and in-store promotions.
#4: EXTRA 💜 FOR VALUE AND QUALITY
Inflation likely drives consumer shopping decisions, as nearly seven in 10 consumers are evaluating brand purchases based on value and quality.
CPG Brand Action: Align your media goals with your sales goals and reach the consumers most likely to buy your brand.
#5: BRANDS THAT EMBRACE THE COMMUNITY
Community remains important, and consumers are rewarding brands that take steps to support local farms, charities and the environment.
CPG Brand Action: Share your community contributions with your consumers.
#6: TALK, SHOP, BUY BRANDS AFTER SEEING ADS
A final key finding - an important one: Consumers are very or completely likely to buy a product they’ve seen advertised. This is an opportunity for brands to find new buyers. As consumers look to cut back on spending, they may give other brands a chance after seeing an advertisement, especially if they’re seeking alternatives to the usual brands they buy.
CPG Brand Action: Keep advertising, even during times of inflation. Reaching the right buyers with the right message keeps your brand top of mind and drives incremental sales.
These consumer priorities and trends can fuel your advertising strategies and help you improve outcomes in 2023.
Are you wondering if your advertising is as effective as it can be? Only one-third of today’s brand marketers surveyed by the CMO Council in collaboration with NCSolutions are very or extremely confident that their marketing can produce the desired results they need. To learn more, download our new report, Optimizing Outcomes in Media Marketing.