Strategies to Keep Consumers Coming Back
Company Added
Company Removed
Apply to Request List

Strategies to Keep Consumers Coming Back

Strategies to Keep Consumers Coming Back

Data and technology research firm Numerator keeps a close watch on consumer behavior, market forces, and the retail industry. A recent blog by one of the company’s executives took a look at consumer perceptions of recession and how that impacts their spending and savings habits.

The blog, “The Modern Recession: Considerations for Brands & Retailers,” discusses how companies can implement strategies now to continue to win consumers’ spending. Here are eight highlights from the article:

  1. 72% of consumers believe we are already in a recession, even though it has not been officially declared.
  1. Gen Z was not of age during the last recession, and they are likely to view one very differently than older generations who have experienced one previously. Currently, only a third (33%) of Gen Z consumers say they’re concerned about an economic recession, compared to over half of Gen X’ers (50%) and Boomers (53%).
  1. 73% of all consumers are uncomfortable taking money out of personal savings or retirement accounts, and over half of consumers (59%) are uncomfortable spending money on non-essential products, services or travel.
  1. Consumers are increasing money-saving measures to combat rising prices, including decreasing spending on non-essentials (51% of consumers), searching for coupons, promos or sales (51%), and stocking up on essentials when they’re on sale (50%).
  1. Despite this consumer desire for cost-savings, as of this fall, overall promotional ad block volume has declined versus 2021 (down 5% compared to last year for the month of October).
  1. The retail landscape has changed dramatically since The Great Recession ended over a decade ago–online CPG sales have grown over 350% in the last five years alone, and 84% of US households now turn to eCommerce retailers to purchase grocery, health & beauty, household, pet and/or baby products (up from 62% in 2017).
  1. Value chains have also grown since 2008, including Aldi, which has more than doubled its retail footprint.
  1. Private label offerings have also grown notably (17.1% share of total CPG spend), giving consumers additional low-cost options when looking for deals.
Published: December 27th, 2022

Share this Feature

The Vitamin Shoppe®
SPONSORED CONTENT
The Vitamin Shoppe®
SPONSORED CONTENT
The Vitamin Shoppe®
SPONSORED CONTENT

Recommended Reading:

Comments:

comments powered by Disqus
Dogtopia
ADVERTISE SPONSORED CONTENT

FRANCHISE TOPICS

Bad Ass Coffee of Hawaii
ADVERTISE SPONSORED CONTENT
Conferences
Caesar's Forum, Las Vegas
MAR 19-22ND, 2024

With more than 300 active locations in 30 states and dozens more in development, American Family Care is America’s #1 Urgent Care Franchise.
Cash Required:
$550,000
Basecamp Fitness is empowering entrepreneurs to build an innovative fitness franchise in their markets while helping create happier, healthier...
Cash Required:
$250,000
Request Info

Share This Page

Subscribe to our Newsletters