- Today’s unprecedented economic environment has forced changes in consumer buying behavior.
- Household spending is driven by different motivators and expectations than in previous years.
- Vericast’s report shares how brands and retailers can connect with four key consumer segments.
By now, you know the story well: record inflation. High gas prices. Recession concerns. The current economic conditions are having a significant effect on the way consumers and brands operate, at a fundamental level. Consumers have adjusted their shopping habits. Brands must also adjust their strategies. The question is, how?
You’ll find detailed analysis in our 2022 CPG + Grocery TrendWatch report, packed with insight for brands looking to connect and deepen relationships with consumers in today’s unpredictable market.
We surveyed 1,909 consumers about their CPG purchasing plans, priorities and preferences. We also heard from 305 industry professionals (CPG, grocery, drug and mass). The report specifically homes in on four key consumer segments:
- Baby boomers
- Millennial parents
- Affluent households
- Gen Z
Below are some highlights of our findings. But there’s much more to discover, so for the full report, go here.
Baby boomers are preparing for the pinch
Eighty-three percent of baby boomers say the increase in prices is their biggest challenge when shopping for food, health and beauty, personal care or household products. Price comes in just ahead of the challenge of finding the products they need in stock because of shortages and supply chain woes.
Brands and retailers can help baby boomers by guiding them to stores where their favorite products are in stock and promoting quality private label products as an alternative to name brands.
Millennial parents crave convenience
Fifty-eight percent of millennial parents expect retailers to provide personalized promotions based on their purchase habits and interests.
Get to know millennial parents well, using data to distill their shopping patterns, product preferences and budget considerations. Then, build a shopping experience that speaks to their specific product needs and makes it easy for them to shop.
Affluent shoppers also seek quality and value
Forty-seven percent of retailers rate email as the most effective tool for sharing deals with affluent households.
Reevaluate your marketing strategy to ensure you’re incorporating email as a way to share deals and communicate with affluent shoppers.
Gen Z shops online — and with a purpose
More than any other segment highlighted in the report, Gen Z is looking for products that align with their social, environmental or political values. This is especially important when it comes to food products (21%) and beauty/personal care (22%).
Make sure your brand messaging emphasizes your brand values — and that you live out your brand values in a way that Gen Z can see and recognize.
Want to dive in deeper? Download the full report.
Matthew Tilley is executive director of marketing for Vericast and leads content marketing for the company. He has more than 20 years of experience in digital advertising and consumer promotions to develop, communicate and distribute ideas to make modern marketers more effective.