Everybody talks about “the consumer,” but if there is a truism in the US marketplace, it is that there is no such thing. There are a lot of different kinds of consumers, with shifting and transient needs.
For example…
According to a new study from Retail Forward, “Consumers are shopping and spending more at dollar stores and other small format value retailers compared with a year ago. And, despite an improving economy, most dollar store shoppers will continue to patronize dollar stores and will spend more than they did last year.”
According to Retail Forward's consumer research:
• Nearly three-fourths of all U.S. primary household shoppers have shopped at a small format value retailer in the past six months - more than have visited a supercenter in the same timeframe.
• More than one-third of all consumers shop dollar stores or another small format value retailer on a regular monthly basis.
• Nearly one-fourth of small format value store shoppers report that they are spending more at dollar stores compared with a year ago.
• More than one-third of monthly small format value store shoppers have household incomes of $50,000 or more.
"Clearly it's all about the bargains," said Nick McCoy, senior consultant with Retail Forward and co-author of the “Dollar Stores Industry Outlook” study. “Budget concerns and the love of a good deal are top reasons consumers are spending more at dollar stores and other small format value retailers.”
But equally clearly, it isn’t always about bargains.
Another new study, “The U.S. Market for Gourmet Foods and Beverages,” says that more than 18 percent of US adults can be considered “gourmet consumers,” trying to eat gourmet food whenever they can - creating a $41.2 billion industry that could grow by another 50 percent within the next five years.
The reasons: 1) gourmet products are more affordable, 2) there is broader marketing of gourmet products to mainstream consumers, and 3) there is a synergy between “gourmet” and “organic/natural” products that is leading to greater consumption.
For example…
According to a new study from Retail Forward, “Consumers are shopping and spending more at dollar stores and other small format value retailers compared with a year ago. And, despite an improving economy, most dollar store shoppers will continue to patronize dollar stores and will spend more than they did last year.”
According to Retail Forward's consumer research:
• Nearly three-fourths of all U.S. primary household shoppers have shopped at a small format value retailer in the past six months - more than have visited a supercenter in the same timeframe.
• More than one-third of all consumers shop dollar stores or another small format value retailer on a regular monthly basis.
• Nearly one-fourth of small format value store shoppers report that they are spending more at dollar stores compared with a year ago.
• More than one-third of monthly small format value store shoppers have household incomes of $50,000 or more.
"Clearly it's all about the bargains," said Nick McCoy, senior consultant with Retail Forward and co-author of the “Dollar Stores Industry Outlook” study. “Budget concerns and the love of a good deal are top reasons consumers are spending more at dollar stores and other small format value retailers.”
But equally clearly, it isn’t always about bargains.
Another new study, “The U.S. Market for Gourmet Foods and Beverages,” says that more than 18 percent of US adults can be considered “gourmet consumers,” trying to eat gourmet food whenever they can - creating a $41.2 billion industry that could grow by another 50 percent within the next five years.
The reasons: 1) gourmet products are more affordable, 2) there is broader marketing of gourmet products to mainstream consumers, and 3) there is a synergy between “gourmet” and “organic/natural” products that is leading to greater consumption.
- KC's View:
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So, on the one hand, more people than ever are interested in bargains…while more people than ever are interested in gourmet food.
And what really makes marketing to these customers challenging is that a lot of these people are the same people – just with varying needs and interests depending on the day of the week and even the time of the day.
