55% of Millennials Trying New Brands Priced Below Their Regular Brands

October 17, 2013

This article is included in these additional categories:

Brand Loyalty & Purchase Habits | Hispanic | Youth & Gen X

IRI-How-Consumers-Are-Responding-to-Financial-Strain-Oct2013The government shutdown and potential debt ceiling crisis had many consumers anticipating financial hardships, says IRI, citing results to a survey conducted in the days leading up to and immediately after the shutdown. IRI’s Shopper Sentiment Index, though, a measure of the economy’s impact on consumers and how they approach grocery shopping, rose to a new high of 109, up from its previous high of 106 in Q2. Still, while consumer confidence may be enduring, some segments of the population are displaying price-sensitive behavior.

For example, the survey results indicate that 55% of Millennials (18-34) are trying new brands priced below regular brands, as are 54% of families and 49% of Hispanics.

Youth may be more inclined than the average American to try new brands anyhow, according to recent research from Ipsos. But the IRI study shows that more than 4 in 10 are shopping multiple stores to find the lowest prices, with 45% of families and 41% of Hispanics concurring.

Finally, roughly 4 in 10 Millennials and families are using online resources to find coupons, though that figures drops to 30% among Hispanics.

About the Data: The Q3 survey was conducted between September 27 and October 3.

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