Despite reported economic growth in the US in Q1 2019, half of the US population have experienced financial difficulties that have led many to look for ways to save money in order to make ends meet. It turns out that this deal-seeking behavior is not necessarily exclusive to lower-income consumers, with a new quarterly report [download page] from IRi showing that shoppers across all income brackets take actions to save money.
An IRi Q3 2018 report found that consumers have a positive perception of private label products, as far as quality, price and value are concerned, when compared to national brands. In that report, the majority (83%) of shoppers said they bought private label products to save money.
The trend toward buying private label products to save money continues in this new report. The majority of shoppers across all income brackets say they buy private label products, either frequently or occasionally. This includes more than three-quarters (77%) of consumers making more than $100K annually.
While lower-income consumers (those making less than $35K) tend to engage more frequently in money-saving actions than those in the highest income bracket, a higher percentage of affluent shoppers (53%) download coupons from retailer websites than do lower-income shoppers (48%). However, this difference may actually be due more to the fact that the adoption of computers and home broadband is much lower among individuals making less than $30K than those with a household income of more than $100K.
Money-savings tactics are somewhat more diverse by generation than by income. Here are a few highlights from the report:
- Older Millennials (25-34) are more likely to engage in CPD deal-seeking than other age groups.
- Seniors (32%) and younger Millennials (18-24; 33%) are less likely to compare prices on area retailers’ websites.
- However, the majority (60%) of younger Millennials are happy to visit multiple retailers to save money.
To read more about food and beverage trends, download the report here.
About the Data: Based on a Q1 2019 survey of more than 2,000 US adults.