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6/29/2011
SymphonyIRI Quarterly MarketPulse™ Survey Finds Consumers Embracing Wide Range of Tools in an Effort to be More Conservative Than Ever
Second Installment of Survey Series Offers Closer Look at Digital Media Trends and Provides Comprehensive Picture of Shopper Behaviors for CPG, Retail and Healthcare Companies
CHICAGO, June 29, 2011 – SymphonyIRI Group, Inc. released the second quarter findings of the MarketPulse™ survey today and revealed that consumers are taking even more steps to save money due to ongoing financial concerns. List making and coupon clipping are still top of mind for consumers as they struggle with high gas prices and question their job stability. In addition, the survey uncovered that consumers are turning to the Internet to find the best CPG deals. To delve deeper into this important consumer behavior, SymphonyIRI is taking a closer look at digital media trends in a special Point of View: “Digital Dimension: Consumers Embrace Digital Media with Diverse Approaches.”
"Consumers are feeling bumps in the road as the country continues to strive towards an economic recovery,” said Susan Viamari, editor, Times & Trends, SymphonyIRI. "Americans are still leery about their job stability and are finding it necessary to save even more money as they face uncertain times. To keep abreast of ever-changing consumer mindsets, SymphonyIRI will continue to track shopper behavior trends as well as research new and emerging trends, such as the digital media trends we are closely examining in our new Point of View.”
Statistics from SymphonyIRI's MarketPulse survey for the second quarter of 2011, which builds on the findings from the first quarter of 2011, reinforce the fact that even though the Great Recession officially ended a full year ago, consumers are continuing to spend cautiously due to feelings of uncertainty about their economic futures:
- One in three consumers expect their financial position will deteriorate in the coming year, and one-half of consumers anticipate no change in their finances during this timeframe
- More than half of consumers expect the cost of daily living to rise,
including food (70 percent), utilities (62 percent) and gasoline (58
percent)
- 18 percent think their job stability will deteriorate in the coming year
Couponing Goes Digital
From the Internet and blogs to in-store digital touch screens and smartphones, consumers are leveraging digital media to find the best deals. And, 8 percent of consumers are using the Internet to make lists.
“Since there is an ‘app’ for everything in today’s world, CPG retailers and manufacturers must stay ahead of the digital curve to meet shoppers’ needs,” said Srishti Gupta, executive vice president, Emerging Media Solutions, SymphonyIRI. ”Our new Point of View, ‘Digital Dimension,’ explores the latest digital media trends and provides important insights for CPG marketers looking to capitalize on digital opportunities, as understanding adoption and usage nuances is critical to maximizing marketing opportunity in this space.”
“For instance, mid- to upper-income households (earning $55K-$99,000 annually) use the Internet more than most other consumer segments for various day-to-day activities, yet the wealthiest shoppers (earning more than $100,000 annually) are slightly behind this segment,” continued Gupta. “The mid- to upper-income segment has higher broadband as well a larger number of devices, such as laptops and smartphones, at their fingertips. The wealthiest shoppers, a segment which skews a bit older, has not yet embraced digital coupons with the same fervor, so their usage is not quite as high. Also, across a wide variety of demographics and income groups, consumers are increasingly value and deal conscious, so they are looking for the same information. It’s just where they look for it that might be different.”
The free Point of View: “Digital Dimension: Consumers Embrace Digital Media with Diverse Approaches,” can be downloaded at: http://www.symphonyiri.com/Insights/Publications/SymphonyIRIGroupPointofView/tabid/197/ctl/Details/mid/923/ItemID/1298/Default.aspx.
Old-School, Money-Saving Strategies Alive and Well
Prospects of increasing prices and ongoing financial difficulties are leading 85 percent of consumers to believe they will continue to have difficulty buying groceries in the coming year. As a result, consumers are reinvigorating their saving strategies and using a broad range of traditional money-saving tools to do so:
- Consistent with patterns seen in SymphonyIRI’s inaugural MarketPulse survey in Q1 2011, 69 percent will be making shopping lists
- 47 percent of consumers will use circulars to make their lists in Q2, very similar to the 44 percent in Q1
- Coupon usage is on the uptick, with 44 percent using coupons to make their lists in Q2, versus 38 percent in Q1
Streamlining purchases also remains essential to making ends meet. In both Q1 and Q2 of this year, 60 percent of consumers report that they have cut back on non-essentials. Other streamlining strategies, which are being embraced similarly this quarter versus Q1 include:
-
27 percent buy less variety to reduce overall number of items
- 19 percent purchase reusable items, such as cloth towels instead of paper towels
- 37 percent look for products that treat several symptoms when buying over-the-counter medications
About SymphonyIRI’s MarketPulse Survey
SymphonyIRI provides new survey results at the end of each calendar quarter, covering shoppers’ behaviors and attitudes as it directly relates to their strategies for learning about, purchasing and utilizing CPG and healthcare products, as well as information regarding perceptions of economic conditions and the ability to provide for their families. For more information about customizing the research for a particular category or industry, please contact
SymphonyIRIMarketing@SymphonyIRI.com.
About SymphonyIRI Group, Inc.
SymphonyIRI Group, Inc., formerly named Information Resources, Inc. (“IRI”), is the global leader in innovative solutions and services for driving revenue and profit growth in CPG, retail and healthcare companies. SymphonyIRI offers two families of solutions: Core IRI solutions for market measurement and Symphony Advantage solutions for enabling new growth opportunities in marketing, sales, shopper marketing and category management. SymphonyIRI solutions uniquely combine content, analytics and technology to deliver maximum impact. SymphonyIRI helps companies create, plan and execute forward-looking, shopper-centric strategies across every level of the organization. For more information, visit http://www.SymphonyIRI.com.
# # #
SymphonyIRI Group Contacts:
John McIndoe
E-mail: john.mcindoe@SymphonyIRI.com
Phone: +1 (312) 474-3862
Shelley Hughes
E-mail: shelley.hughes@SymphonyIRI.com
Phone: +1 (312) 474-3675
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